British Economic Growth Since 1945: Relative Economic Decline.... and Renaissance?

Charles Richard Bean and Nicholas Crafts ()

No 1092, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: The paper contains a thorough review of explanations for the weak British growth performance of the 1950s through the 1970s and an assessment of the long-term implications of the 1980s attempt to escape from relative decline. The analysis draws on recent work in growth theory and places institutions and government policy at the heart of the growth process. We illustrate the possible adverse effects of industrial relations and social contracts on pre-1979 performance and highlight the difficulty of measuring the role of human capital. We believe the jury is still out on the implications for long-term growth potential of the post-1979 policy changes.

Keywords: Economic Growth; Human Capital; Industrial Relations; Total Factor Productivity; UK (search for similar items in EconPapers)
JEL-codes: J24 J51 N14 O52 (search for similar items in EconPapers)
Date: 1995-01

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