I have a qualification in economics.
I didn't know much about the subject then and know even less now!
I notice the term "austerity" comes up often when government economic policy is discussed.
I'm impressed by the economic performance of Germany, over the years, and I notice Angela Merkel dismisses the term.
At what level, and for what length of time, does running a budget deficit do more harm than good? I, genuinely, do not have an answer, but I tended to believe this would be a technical question. It appears, at present, to be a political one.
The Labour Party is generally very critical of "austerity". I do not believe the policies advocated by Corbyn, and his shadow Chancellor, have worked anywhere.
They seem to want a big increase in spending and suggest this can be achieved by taxing the "rich".
I'm in favour of taxing the rich as long as they are richer than me!
According to The Institute of Fiscal Studies the richest 1% of the population paid 11% of income tax, in 1979-80, and now contribute 30%.
There is also the argument there are not enough of those individuals, Labour define as rich, to cover their spending plans. Also, the rich, particularly, have various methods, legal and illegal, of avoiding tax. This happens more often if they feel the tax burden is too high.
Finally, I must add I do not believe the rich are the only group, in our society, who have some success in avoiding paying tax.