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Was the Thatcher Experiment Worth it? British Economic Growth in a European Context

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  • Crafts, Nicholas

Abstract

The 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.

Suggested Citation

  • Crafts, Nicholas, 1992. "Was the Thatcher Experiment Worth it? British Economic Growth in a European Context," CEPR Discussion Papers 710, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:710
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    Cited by:

    1. 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.

    More about this item

    Keywords

    Growth; Inequality; Thatcher; UK;
    All these keywords.

    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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