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British Economic Growth Since 1945: Relative Economic Decline .... and Renaissance?

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Author Info
Bean, Charles R
Crafts, Nicholas

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Abstract

The paper contains a thorough review of explanations for the weak British growth performance of the 1950s through the 1970s and an assessment of the long-term implications of the 1980s attempt to escape from relative decline. The analysis draws on recent work in growth theory and places institutions and government policy at the heart of the growth process. We illustrate the possible adverse effects of industrial relations and social contracts on pre-1979 performance and highlight the difficulty of measuring the role of human capital. We believe the jury is still out on the implications for long-term growth potential of the post-1979 policy changes.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1092.

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Date of creation: Jan 1995
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Handle: RePEc:cpr:ceprdp:1092

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Related research
Keywords: Economic Growth Human Capital Industrial Relations Total Factor Productivity UK

Find related papers by JEL classification:
J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
J51 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Trade Unions: Objectives, Structure, and Effects
N14 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Europe: 1913-
O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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This page was last updated on 2008-7-4.

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