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The Thatcher Miracle?

Abstract:

Since 1979 productivity growth in Britain has improved markedly compared with Europe. The turnaround in productivity growth has two main causes. The British economy was subjected to a far more severe contraction of demand in 1980-81 than any other country. This led to a new realism, which was sustained by the legal changes in trade union power. Since 1979 there has been a worsening in the trade-off between unemployment and inflation. The poor unemployment/inflation trade-off is due to the neg...

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Volume:
315
Publication date:
1989-01-01
URN:
uuid:b2b1d93a-b232-42e1-ae70-e4ac876cb0be
Local pid:
oai:economics.ouls.ox.ac.uk:11704
Language:
English

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