The Implications of British Macroeconomic Policy in the 1930s for Long Run Growth Performance

The paper provides a synthesis of recent research relating to supply side policy in the 1930s in a period when government sought to raise prices given sticky wages. We argue that as a politically constrained strategy to limit rises in unemployment this made sense. A bargaining model approach suggests, however, that this had a harmful impact on productivity growth by stifling competitive pressure and retarding rationalization of old industries.

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Year of publication:	1990-03
Authors:	Broadberry, Stephen N ; Crafts, Nicholas
Institutions:	C.E.P.R. Discussion Papers
Subject:	Employment \| Productivity \| Public Policy

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Extent:	application/pdf
Series:	CEPR Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	Number 386
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005667002