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Discussion Paper Details

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

Author(s): Stephen N Broadberry and Nicholas Crafts

Publication Date: March 1990

Keyword(s): Employment, Productivity and Public Policy

Programme Area(s): Human Resources

Abstract: 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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Bibliographic Reference

Broadberry, S and Crafts, N. 1990. 'The Implications of British Macroeconomic Policy in the 1930s for Long Run Growth Performance'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=386