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The Treasury and the New Cambridge School in the 1970s


  • John Maloney

    (Department of Economics, University of Exeter)


With the release of Treasury papers from the 1970s under the 30-year rule we have a much more complete picture of the dispute in the 1970s between the Treasury and the Cambridge Economic Policy Group, especially given the role of three Cambridge economists -- Nicholas Kaldor, Wynne Godley and Francis Cripps – as ministerial advisers at the time. The records show the Treasury and the CEPG eventually meeting near the middle regarding the latter’s proposition of stable private-sector NAFA (Net Acquisition of Private Sector Assets) and its implications for demand management and the balance of payments. By contrast, the initial differences on counter-inflation policy and, above all, on import controls versus free trade were wider at the end of the decade than at the start of it.

Suggested Citation

  • John Maloney, 2010. "The Treasury and the New Cambridge School in the 1970s," Discussion Papers 1008, Exeter University, Department of Economics.
  • Handle: RePEc:exe:wpaper:1008

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    References listed on IDEAS

    1. Cripps, Francis, 1977. "The Money Supply, Wages and Inflation," Cambridge Journal of Economics, Oxford University Press, vol. 1(1), pages 101-112, March.
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    More about this item


    Treasury; Cambridge; forecasting; inflation; imports;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications


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