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Economic growth : onwards and upwards?

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Crafts, N. F. R. (2015) Economic growth : onwards and upwards? Oxford Review of Economic Policy, 31 (2). pp. 217-241. doi:10.1093/oxrep/grv014

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Official URL: http://dx.doi.org/10.1093/oxrep/grv014

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Abstract

This paper considers developments in UK growth performance and supply-side policies since the 1980s. It argues that economic reforms made in the Thatcher years and consolidated under subsequent governments delivered improved pre-crisis growth outcomes helped by the information and communications technology (ICT) revolution and stronger competition in product markets. The new growth economics provided useful insights for policy-makers, some of which were partly heeded. Recently, as productivity growth has stalled, there has been a turn to ‘soft’ industrial policy and a fear that the future is one of secular stagnation. The former has made little difference and the latter is unlikely.

Item Type: Journal Article
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HD Industries. Land use. Labor
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Economic development -- Great Britain -- 21st century, Industrial management -- Great Britain -- 21st century, Great Britain -- Economic policy -- 21st century, Endogenous growth (Economics) -- Great Britain -- 21st century, Stagnation (Economics) -- Great Britain -- 21st century, Great Britain -- Politics and government -- 1979-1997 , Thatcher, Margaret, 1925-2013
Journal or Publication Title: Oxford Review of Economic Policy
Publisher: Oxford University Press
ISSN: 0266-903X
Official Date: June 2015
Dates:
DateEvent
June 2015Published
18 May 2015Accepted
Volume: 31
Number: 2
Page Range: pp. 217-241
DOI: 10.1093/oxrep/grv014
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

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