Professor Richard Murphy's Economics Videos

Where To Begin With Tax Reform

"The demands for tax reform after coronavirus are growing. I have been working on the whole theme of Tax After Coronavirus since near the time that the crisis developed. At present I am writing a submission to the Treasury Select Committee on this issue. They have called for evidence by 28 August. So where to begin? This is the theme I tackle in this video? The important point is to look at the big picture."

How Money Is Made

There seems to be almost endless discussion on the nature of money - and how it is even created within modern monetary theory. And generally the way in  which money is created - via lending - is very little understood. This video addresses the issue.

Scotland Won't Need To Repay The UK's National Debt

"These arguments lead to at least three conclusions. 

The first is that Scotland does not have any obligation to compensate  England any part of the  so-called UK national debt as agent for the rest of the UK because no part of that debt can at present be attributed to Scotland.

The second conclusion is that even if Scotland did have a notional liability owing to the rest of the UK  the capital balance on the loan would not need repayment because there is no indication that the remaining UK will be repaying any of its debt, and therefore there is no reason for Scotland to make payment to the rest of the UK for something that they will not be doing.

Third, even if debt was due right now it would be the case that around £19bn was due to Scotland."

How Are You Going To Pay For It?

"The 'killer' question that any journalists thinks that they can ask a politician who is proposing any new initiative is 'how are you going to pay for it?' The assumption is that government lives in a zero-sum and financially constrained world where if they are to propose some new action then something else has to be foregone to pay for it, or a specific new tax has to be found to fund the project." --- Watch the video!