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Discussion Paper Details

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Title: Was the Thatcher Experiment Worth it? British Economic Growth in a European Context

Author(s): Nicholas Crafts

Publication Date: August 1992

Keyword(s): Growth, Inequality, Thatcher and UK

Programme Area(s): Human Resources and Labour Economics

Abstract: The changes in economic policy introduced in the UK after 1979 had a substantial impact on income distribution, unemployment and productivity growth. This paper brings together available evidence in an attempt to evaluate the welfare effects of the Thatcher reforms. The estimated impact turns out to be sensitive to the degree of `inequality aversion' of the investigator and to the method chosen to estimate the counterfactual productivity path. The overall welfare effect may have been either negative or positive but is probably smaller than partisan assessments have claimed.

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Bibliographic Reference

Crafts, N. 1992. 'Was the Thatcher Experiment Worth it? British Economic Growth in a European Context'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=710