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Recession, Rent and Debt: Quasi-Ricardian and Quasi-Keynesian Components of Non-Recovery

In: Theory and Reality in Development

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  • Michael Lipton

Abstract

The UK Development Studies Association bravely took as its theme, for its September 1983 conference, ‘the continuing recession’. Then, and even more than a year later, the organisers may have appeared foolhardy. The main US indicators, especially real GNP, apparently signalled a strong and prolonged recovery. Many world commodity prices — their record lows of mid-1982 the despair of development experts2 — were moving upwards. For a while, even inflation seemed to be recovering; but at the September 1984 Bank-Fund meeting the IMF reported that 1984 was the best year for the world economy since 1976, anticipated 5 per cent real growth in industrial countries’ real GNP, and applauded the apparent containment of inflation, and even (outside Europe) of unemployment.

Suggested Citation

  • Michael Lipton, 1986. "Recession, Rent and Debt: Quasi-Ricardian and Quasi-Keynesian Components of Non-Recovery," Palgrave Macmillan Books, in: Sanjaya Lall & Frances Stewart (ed.), Theory and Reality in Development, chapter 4, pages 58-86, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-18128-5_4
    DOI: 10.1007/978-1-349-18128-5_4
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