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 C.E.P.R. Discussion Papers

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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