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The End of Full Employment

In: Economics in the Long View

Author

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  • R. Hall

Abstract

‘The Government accept as one of their primary aims and responsibilities the maintenance of a high and stable level of employment after the war’. This is the opening of the White Paper on Employment Policy (Cmd. 6527) issued in May 1944 by the British Coalition Government, in which the three main parties were represented. This marked a revolutionary change in economic policy and undertook a commitment which no previous British Government would have contemplated. For the next three years the problems were those of transition, but as excess demand slackened the new policy had to be implemented. In November 1947 Sir Stafford Cripps succeeded Mr Dalton as Chancellor of the Exchequer and retained the portfolio he already held as Minister of Economic Affairs. As Director of the Economic Section of the Cabinet Office (later transferred to the Treasury and called Economic Adviser to H.M.G.), I became in effect his economic adviser, remaining in this capacity under successive Chancellors until my retirement in 1961. This paper is a short account of how the policy worked in practice and some reflections on later events.

Suggested Citation

  • R. Hall, 1982. "The End of Full Employment," Palgrave Macmillan Books, in: Charles P. Kindleberger & Guido Tella (ed.), Economics in the Long View, chapter 7, pages 155-174, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-06293-5_7
    DOI: 10.1007/978-1-349-06293-5_7
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