Top economists hit back at Tory spending plans

Lord Layard, who co-wrote a letter warning that early, deep spending cuts would be a damaging 'sharp shock' to the UK economy, is Emeritus Professor of Economics at the London School of Economics. The Eton-educated Labour peer is known for his work on 'Happiness economics' Photograph: Linda Nylind/Guardian Photograph: Linda Nylind/guardian.co.uk A second letter, signed by 58 economists, was organised by Lord Skidelsky, Emeritus Professor of Political Economy at the University of Warwick. It argued that the government should focus on restoring 'robust growth' . This argument would have doubtless appealed to John Maynard Keynes, about whom Skidelsky wrote an award-winning biography. Lord Skidelsky is Emeritus Professor of Political Economy at the University of Warwick Photograph: Martin Argles/Guardian Photograph: Martin Argles/guardian.co.uk David Blanchflower, whose term at the Bank of England's monetary policy committee recently ended, signed Skidelsky's letter. The Bruce V. Rauner Professor of Economics at Dartmouth College argued for early interest rate cuts, and has warned that young people will suffer badly from the recession Photograph: David Moir/Reuters Photograph: David Moir/guardian.co.uk Joseph E Stiglitz, University professor at Columbia University, is also in the Skidelsky camp. He warned last week that the battle to improve regulation of the banks has run into trouble . Photograph: Murdo Macleod/Murdo Macleod Photograph: Murdo Macleod/guardian.co.uk Rachel Lomax, a former Bank of England deputy governor, agreed with Lord Layard that a sudden cut in the deficit would be dangerous Photograph: David Sillitoe/Guardian Photograph: David Sillitoe/guardian.co.uk Alan Blinder, the Princeton University economist, also signed Layard's letter. He is a former advisor to president Bill Clinton, and was also chairman of the board of governors of the Federal Reserve System Photograph: DENNIS COOK/AP Photograph: DENNIS COOK/guardian.co.uk Christopher Allsopp, Fellow of New College and Reader in Economic Policy at the University of Oxford, is also in the Layard camp. Allsopp served on the Bank of England's Monetary Policy Committee from 2000 to 2003 Photograph: David Sillitoe/Guardian Photograph: David Sillitoe/guardian.co.uk ....as did Sushil Wadhwani, another former member of the MPC Photograph: Martin Argles/Guardian Photograph: Martin Argles/guardian.co.uk