Magic money

Economics teaches that we have limited resources but infinite wants. Difficult choices must be made. However, Pol Yates thinks otherwise (Letters, 8 March): “The idea that the UK has a finite amount of money is not true and is rejected by many economists.” This refers to the discredited Modern Monetary Theory (MMT), supported by just a tiny minority of academics. Scottish separatists love MMT because it absolves them from fiscal accountability. It promises things they’re desperate to hear, such as the notion that countries can accumulate unlimited debts without financial consequences. It would be interesting to hear any examples of this theory actually working in practice.

Pol Yates demands food security and that we stop “harming the planet.” Reducing fossil fuels and fertiliser in agriculture means increased food prices; do we want green sound bites, or enough to eat? Next on a lengthy wishlist is more NHS and education expenditure. perpetually throwing cash at these services won’t help if it’s misdirected. Since certain correspondents frequently praise the Irish Republic, why not copy its health system, where most people pay insurance for medical treatment?

Scotland’ s“progressive” Curriculum for excellence triggered an immediate slump in PISA attainment scores, contrasting starkly with those of Ireland, Singapore and even hated England. Our ever-increasing taxes are frittered away on ridiculous virtue-signalling, but there’s no magic money tree, as MMT pretends. If the current Scottish Government is ever replaced, one priority for any new administration should be economic literacy courses for everyone in high school, so that these future voters can make more informed decisions.

Martin O’gorman

Edinburgh