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Economic growth: onwards and upwards?

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  • Nicholas Crafts

Abstract

This paper considers developments in UK growth performance and supply-side policies since the 1980s. It argues that economic reforms made in the Thatcher years and consolidated under subsequent governments delivered improved pre-crisis growth outcomes helped by the information and communications technology (ICT) revolution and stronger competition in product markets. The new growth economics provided useful insights for policy-makers, some of which were partly heeded. Recently, as productivity growth has stalled, there has been a turn to ‘soft’ industrial policy and a fear that the future is one of secular stagnation. The former has made little difference and the latter is unlikely.

Suggested Citation

  • Nicholas Crafts, 2015. "Economic growth: onwards and upwards?," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 31(2), pages 217-241.
    • Handle: RePEc:oup:oxford:v:31:y:2015:i:2:p:217-241.
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    File URL: http://hdl.handle.net/10.1093/oxrep/grv014
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    Cited by:

    1. Christopher Allsopp & David Vines, 2015. "Monetary and fiscal policy in the Great Moderation and the Great Recession," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 31(2), pages 134-167.

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