Sound Currency and Full Employment

Rüdiger Dornbusch

Chapter 2 in Conquering Unemployment: The Case for Economic Growth, 1989, pp 21-48 from Palgrave Macmillan

Abstract: Abstract The British Experiment is the unfortunate title the Chancellor of the Exchequer, Mr. Lawson chose for his Mais Lecture in June 1984. The title reflects the detachment with which policy makers in Great Britain have fought to transform British society and to stop inflation. There is no question that the Thatcher government has changed the country. The most striking achievements are the reduction of inflation to surprisingly low levels (by the standards of the 1970s) and, to a lesser extent, the consolidation of public finance. These two strategic victories return the country to the position of the early 1970s, undoing the extreme instability of the past decade. But they have not been achieved without costs: unemployment conditions today, in 1985, resemble those of the 1930s. Unemployment, far from being transitory, is becoming a way of life for an increasing number of people.

Keywords: Monetary Policy; Fiscal Policy; Real Interest Rate; Public Debt; Full Employment (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-20173-0_2

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DOI: 10.1007/978-1-349-20173-0_2

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