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Postwar British Economic Growth and the Legacy of Keynes

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Author Info
Cooley, Thomas F
Ohanian, Lee E

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Abstract

Following John Maynard Keynes's recommendations, Britain taxed capital income at a much higher rate than the United States during the war and for much of the postwar period. This paper presents a quantitative analysis of the policies designed by Keynes using an endogenous growth model and the neoclassical growth model. The implications of tax-smoothing policies are also evaluated. The authors find that the welfare costs of Keynes's policies were very high relative to a tax-smoothing policy and argue that Britain's poor macroeconomic performance in the early postwar period reflects the high tax rates levied on capital income. Copyright 1997 by the University of Chicago.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 105 (1997)
Issue (Month): 3 (June)
Pages: 439-72
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Handle: RePEc:ucp:jpolec:v:105:y:1997:i:3:p:439-72

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