The Implications of British Macroeconomic Policy in the 1930s for Long Run Growth Performance
AbstractThe paper provides a synthesis of recent research relating to supply side policy in the 1930s in a period when government sought to raise prices given sticky wages. We argue that as a politically constrained strategy to limit rises in unemployment this made sense. A bargaining model approach suggests, however, that this had a harmful impact on productivity growth by stifling competitive pressure and retarding rationalization of old industries.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 386.
Date of creation: Mar 1990
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- Claire Giordano & Ferdinando Giugliano, 2012. "A Tale of Two Fascisms: Labour Productivity Growth and Competition Policy in Italy, 1911-1951," Quaderni di storia economica (Economic History Working Papers) 28, Bank of Italy, Economic Research and International Relations Area.
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