The Threatened Breakdown of Pay Restraint

Lord Robbins
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Lord Robbins: The London School of Economics

Chapter 22 in Against Inflation, 1979, pp 105-107 from Palgrave Macmillan

Abstract: Abstract My Lords, the Chancellor’s statement last week fell into two parts: the one, the last half, consisted of a number of changes in tax rates and subsidies, the net effect of which he assured us does not seriously affect the general fiscal prospect which he unfolded at the time of the Budget; the other, the first half, outlined a series of alternative prospects of the economy as a whole according to how pay settlements in the future did not or did exceed, on the average, an increase in earnings of 10 per cent. These alternative hypotheses involved a stark and very salutary warning, and it is with that aspect of the statement that I wish to concern myself this afternoon.

Keywords: Fiscal Policy; Money Supply; Firm Control; Income Policy; A191 Rate (search for similar items in EconPapers)
Date: 1979
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DOI: 10.1007/978-1-349-04478-8_22

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