The Thatcher Miracle?
Since 1979 productivity growth in Britain has improved markedly compared with Europe. The turnaround in productivity growth has two main causes. The British economy was subjected to a far more severe contraction of demand in 1980-81 than any other country. This led to a new realism, which was sustai...
| Main Authors: | , |
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| Format: | Working paper |
| Language: | English |
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CEPR
1989
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| _version_ | 1826291900484681728 |
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| author | Layard, R Nickell, S |
| author_facet | Layard, R Nickell, S |
| author_sort | Layard, R |
| collection | OXFORD |
| description | Since 1979 productivity growth in Britain has improved markedly compared with Europe. The turnaround in productivity growth has two main causes. The British economy was subjected to a far more severe contraction of demand in 1980-81 than any other country. This led to a new realism, which was sustained by the legal changes in trade union power. Since 1979 there has been a worsening in the trade-off between unemployment and inflation. The poor unemployment/inflation trade-off is due to the neglect of skill training and education (causing skill shortages) and to the build-up of long-term unemployment (which does little to restrain inflation). |
| first_indexed | 2024-03-07T03:06:26Z |
| format | Working paper |
| id | oxford-uuid:b2b1d93a-b232-42e1-ae70-e4ac876cb0be |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-07T03:06:26Z |
| publishDate | 1989 |
| publisher | CEPR |
| record_format | dspace |
| spelling | oxford-uuid:b2b1d93a-b232-42e1-ae70-e4ac876cb0be2022-03-27T04:13:31ZThe Thatcher Miracle?Working paperhttp://purl.org/coar/resource_type/c_8042uuid:b2b1d93a-b232-42e1-ae70-e4ac876cb0beEnglishDepartment of Economics - ePrintsCEPR1989Layard, RNickell, SSince 1979 productivity growth in Britain has improved markedly compared with Europe. The turnaround in productivity growth has two main causes. The British economy was subjected to a far more severe contraction of demand in 1980-81 than any other country. This led to a new realism, which was sustained by the legal changes in trade union power. Since 1979 there has been a worsening in the trade-off between unemployment and inflation. The poor unemployment/inflation trade-off is due to the neglect of skill training and education (causing skill shortages) and to the build-up of long-term unemployment (which does little to restrain inflation). |
| spellingShingle | Layard, R Nickell, S The Thatcher Miracle? |
| title | The Thatcher Miracle? |
| title_full | The Thatcher Miracle? |
| title_fullStr | The Thatcher Miracle? |
| title_full_unstemmed | The Thatcher Miracle? |
| title_short | The Thatcher Miracle? |
| title_sort | thatcher miracle |
| work_keys_str_mv | AT layardr thethatchermiracle AT nickells thethatchermiracle AT layardr thatchermiracle AT nickells thatchermiracle |