Incentives in the United Kingdom

A. Patrick Minford

Chapter 10 in Economic Incentives, 1986, pp 279-304 from Palgrave Macmillan

Abstract: Abstract Few people would disagree that the United Kingdom presents in its post-war behaviour — and perhaps for a long period before that — a disappointing economic performance. There have been many diagnoses of the problem, ranging from lack of effective demand through to the class system. I believe the cause lies in the pattern of government and government-permitted intervention in U.K. markets; or in the words of this conference, in “incentives”, as influenced by government policy. That pattern of intervention has itself to be explained of course; and there is a large and rightly expanding literature on the public choice issues involved — the work of Tullock [1976] and Olson [1982] for example belongs in this category. However, my task is limited here to disentangling the channels of intervention and its effects; agreement on this, if it could be reached, would then help to focus public opinion in resisting the pressures of the interest groups which manipulate this intervention.

Keywords: Real Exchange Rate; Real Wage; Unemployment Benefit; Replacement Ratio; Supply Curve (search for similar items in EconPapers)
Date: 1986
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-18204-6_10

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DOI: 10.1007/978-1-349-18204-6_10

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