Right-wing framing of the macro-economy

I’ve done a few of posts on conservative framing recently and I was subsequently reminded of a draft paper by Bill Mitchell and Louisa Connors called “Framing Modern Monetary Theory“. It discusses how the economy is generally discussed by mainstream commentators, before considering how an alternative narrative might be constructed using similar tactics as those in the mainstream. They argue that:

“The dominance of mainstream macroeconomics narrative in the public domain is achieved through a series of linked myths that are reinforced with strong metaphors.”

Below is a table from the paper by way of some examples. Many of these metaphors pop up on an almost daily basis. If, like me you frequent the comment sections of newspaper websites, you’ll see them all the time. They have all been absorbed by people and repeated back ad nauseum:

Metaphor

 

All of the metaphors in the table are either wrong or willfully misleading, but they been very successfully implanted into most people’s minds through constant reinforcement. The challenge is how to construct alternative metaphors to start to change the nature of the debate. UK Labour’s strategy (assuming they actually disagree with the Government) has been a poor one. As the authors say in the paper:

“…progressives should avoid debating within the frames that conservatives use. For example, attacking the British government’s pursuit of fiscal policy as being ‘too fast’ implies that the desirable alternative is more gradual (managed) reduction in the government deficit. The frame is that the budget deficit is bad and has to be reduced. The more productive progressive frame would be to explicate the functional role of government deficits…”