History is spun to suit the person writing it, then going down as fact for all time. It isn't real.
The first rule of science is to measure one thing at a time and ensure everything else is the same. In the 1930s we had a manufacturing based economy, so all sorts of stimuli produced different effects.
Consider inflation. In the 1930s, when the UK did well our factories sold more. The unions decided "we want some of that". So wages rose. Inflation was a measure of that process which could lead to a spiral of wage demands and price rises. A dose of austerity kept those wage demands in check and us as a nation competitive.
Now inflation is one of two things. Either a commodity has risen such as oil, or our exchange rate has risen, making our goods more expensive abroad. Both of these put a squeeze on our businesses and to keep us competitive, a loosening of fiscal control is necessary.
Because we still hark back to the 1930s we do the opposite, compounding the problem.
What is obvious here is that money - as Robert Maxwell always maintained - isn't real. It is just a promise and the likelihood of making that promise depends on confidence. Thus the trick is to deceive. When confidence rises, so does the value of the pound, making our businesses poorer, but enabling us to borrow more - we have to choose which is more important.
And, domestically, if we can fool people into believing they are richer, they'll spend more, so the economy rises, making it true. But in doing so they'll suck in more imports, giving us a higher deficit.
We're still stuck in the 1930s thinking that we control our own destiny. In a global market we have to look at much more complexity. Not just the EU and US, but the far eastern manufacturing economies still stuck in our 1930s model. We're in a world of unintended consequences which will get more and more unpredictable as these economies become a greater portion of the whole.
One thing you can be sure of - doing what we did in the 1930s cos a flawed source tells us it worked then is naive.