Economic Growth and Employment

National Institute Economic Review - Natl Inst Econ Rev, 1992

Oxford Review of Economic Policy, 2002

Brookings Papers on Economic Activity 2, 1983., 1983

; and with the election of June 1983, she has been given the second term that she always said would be necessary to put into effect the changes she planned for the British economy. There can be little doubt that the steps taken thus far in the "return to sound money" have marked a significant turning point in macroeconomic policymaking in the United Kingdom. There have been changes in the objectives toward which policy is ultimately directed, changes in how the instruments of policy are used in practice, and a shift in the strategic relation between the government and organized labor.

The Political Quarterly, 1985

THE British economy has been going through one of the deepest recessions in its history. The Government's restrictive policies are hitting the economy at the same time as an international recession. At the same time, there are long-term structural changes taking place in the economy: the so-called deindustralisation of Britain. Unemployment (including school leavers) in the UK has exceeded three million for some time: in January 1984 it was 3.1997 million (13.4 per cent.). Over 35 per cent. of the unemployed (in January 1984) have been unemployed for more than a year. Almost all forecasters (with the exception of maverick forecasts by Patrick Minford) agree that unemployment is unlikely to fall significantly in the next tWQ years: it is expected to hover around three million. The postwar commitment to full employment has been abandoned (first by Callaghan in 1976' and then by the present Government) in its single-minded pursuit of "conquering" inflation. The present Government in fact, in espousing the New ClassicaVMonetarist ideas, claims that it cannot control or affect the level of unemployment. The Scale of the Problem Most capitalist economies go through phases of booms and recessions (see Fig. 1 which compares the unemployment experience of OECD countfies). The British economy has gone through a prolonged recession and although there are some signs of a weak recovery these are not expected to decrease unemployment significantly. Unemployment data in the UK were collected until November 1982 by counting those people who registered as unemployed. Since then the Government has decided to collect and publish data on the basis of

1992

seminar in COST A13 Working Group Unemployment, Brussels, Nov, 2000

1991

2011

The analysis of the inflation-unemployment tradeoff has undergone several stages during the post-war era. The first was marked by the acceptance of A.W. Phillips’ 1957 hypothesis and the subsequent Phillips curve. The next stage – marked by Friedman’s contributions – revealed a vertical long-run Phillips curve and introduced the natural rate of unemployment, designating that level of unemployment consistent with

The Economic Journal, 1998