Was the Thatcher Experiment Worth it? British Economic Growth in a European Context
AbstractThe changes in economic policy introduced in the UK after 1979 had a substantial impact on income distribution, unemployment and productivity growth. This paper brings together available evidence in an attempt to evaluate the welfare effects of the Thatcher reforms. The estimated impact turns out to be sensitive to the degree of `inequality aversion' of the investigator and to the method chosen to estimate the counterfactual productivity path. The overall welfare effect may have been either negative or positive but is probably smaller than partisan assessments have claimed.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 710.
Date of creation: Aug 1992
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Find related papers by JEL classification:
- I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
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- Canton, E.J.F., 1994. "The OECD 1951-88 growth experience revisited," Research Memorandum 674, Tilburg University, Faculty of Economics and Business Administration.
- Heather Boushey & Christian E. Weller, 2006. "Inequality and Household Economic Hardship in the United States of America," Working Papers 18, United Nations, Department of Economics and Social Affairs.
- Avner Offer, 2000. "Economic Welfare Measurements and Human Well-Being," Oxford University Economic and Social History Series _034, Economics Group, Nuffield College, University of Oxford.
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