The Implications of British Macroeconomic Policy in the 1930s for Long Run Growth Performance

Stephen Broadberry and Nicholas Crafts

No 386, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: The paper provides a synthesis of recent research relating to supply side policy in the 1930s in a period when government sought to raise prices given sticky wages. We argue that as a politically constrained strategy to limit rises in unemployment this made sense. A bargaining model approach suggests, however, that this had a harmful impact on productivity growth by stifling competitive pressure and retarding rationalization of old industries.

Keywords: Employment; Productivity; Public Policy (search for similar items in EconPapers)
Date: 1990-03
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Citations: View citations in EconPapers (3)

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