Long-Term Growth and Short-Term Policy

W. A. H. Godley and J. R. Shepherd

National Institute Economic Review, 1964, vol. 29, 26-38

Abstract: One of the main aims of short-term economic policy in Britain has been to regulate the pressure of demand for labour, and to keep the fluctuations of the unemployment percentage within fairly narrow limits. High unemployment is obviously undesirable; at the other end of the scale, if the pressure of demand for labour is too strong, this tends to lead to excessively high wage increases and to balance of payments difficulties. It is for the Government to decide at what pressure it wishes to run the economy, and to try to keep it there.

Date: 1964
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