The Treasury and the New Cambridge School in the 1970s

John Maloney
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John Maloney: Department of Economics, University of Exeter

No 1008, Discussion Papers from University of Exeter, Department of Economics

Abstract: With the release of Treasury papers from the 1970s under the 30-year rule we have a much more complete picture of the dispute in the 1970s between the Treasury and the Cambridge Economic Policy Group, especially given the role of three Cambridge economists -- Nicholas Kaldor, Wynne Godley and Francis Cripps – as ministerial advisers at the time. The records show the Treasury and the CEPG eventually meeting near the middle regarding the latter’s proposition of stable private-sector NAFA (Net Acquisition of Private Sector Assets) and its implications for demand management and the balance of payments. By contrast, the initial differences on counter-inflation policy and, above all, on import controls versus free trade were wider at the end of the decade than at the start of it.

Keywords: Treasury; Cambridge; forecasting; inflation; imports (search for similar items in EconPapers)
JEL-codes: B22 E12 E17 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:exe:wpaper:1008

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