Chapter III. The British Economy Since 1979

Anonymous

National Institute Economic Review, 1987, vol. 122, 41-46

Abstract: Five years has been the average, and indeed the typical, duration of a full cycle in the British economy since the war. For that reason it has been taken as a convenient time span when considering medium-term developments such as the trend rate of growth of output or productive potential. If we now look back five years from 1987 the annual growth rate averages about 3½ per cent, suggesting a marked improvement in trend since the 1970s. This may be the correct conclusion to draw, but it cannot be accepted uncritically since the pattern of five-year cycles seems to have changed.

Date: 1987
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