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The 364 Economists And The 1981 Budget: An Examination Of The Empirical Evidence

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  • Tim Congdon

Abstract

Earlier this year we passed the 25th anniversary of the letter to The Times from 364 economists protesting about government economic policy in general and the 1981 Budget in particular. In a recent publication, Stephen Nickell, then a member of the Monetary Policy Committee of the Bank of England, defended the letter. This article contends that Nickell's argument was wrong. This is not merely a matter of historical interest, it is important that the issues are understood if mistakes are not to be made in economic policy in the future.

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  • Tim Congdon, 2006. "The 364 Economists And The 1981 Budget: An Examination Of The Empirical Evidence," Economic Affairs, Wiley Blackwell, vol. 26(4), pages 34-38, December.
    • Handle: RePEc:bla:ecaffa:v:26:y:2006:i:4:p:34-38
    DOI: 10.1111/j.1468-0270.2006.00666.x
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    1. Layard, Richard & Nickell, Stephen & Jackman, Richard, 2005. "Unemployment: Macroeconomic Performance and the Labour Market," OUP Catalogue, Oxford University Press, number 9780199279173.
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    Cited by:

    1. Stephen Nickell, 2006. "After The 1981 Budget: A Reply To Tim Congdon," Economic Affairs, Wiley Blackwell, vol. 26(4), pages 39-42, December.

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