The Price Level Under Full Employment in the United Kingdom

  • J. Johnston
Part of the International Economic Association Series book series (IEA)


The purpose of this paper is to review the main studies that have been made of the post-war inflation in the United Kingdom and to suggest some possible lines for further work. The first section contains a short statistical résumé of this inflation: in the second we summarize and comment upon the main empirical analyses that have so far been made, while the third section contains preliminary results of a somewhat different approach. The emphasis throughout is on general price levels, expressed in index number form, though some of the studies contain partially disaggregated analyses for sub-sectors of the economy.


Excess Demand Full Employment Import Price Consumption Function Wage Change 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. Ball, R. J. (1962), ‘The prediction of Wage-Rate Changes in the United Kingdom Economy, 1957–1960’, Economic Journal, 1962, pp. 27–44.Google Scholar
  2. Dicks-Mireaux, L. A., and Dow, J. C. R. (1959), ‘The Determinants of Wage Inflation: United Kingdom, 1946–56’, Journal of the Royal Statistical Society: Series A, 1959, pp. 145–184.Google Scholar
  3. Dicks-Mireaux, L. A. (1961), ‘The Inter-Relationship Between Cost and Price Changes, 1946–1959. A Study of Inflation in Post-War Britain’, Oxford Economic Papers, 1961, pp. 267–292.Google Scholar
  4. Dow, J. C. R. (1956), ‘Analysis of the Generation of Price Inflation. A Study of Cost and Price Changes in the United Kingdom, 1946–1954’, Oxford Economic Papers, 1956, pp. 252–301.Google Scholar
  5. Dow, J. C. R., and Dicks-Mireaux, L. A. (1958), ‘The Excess Demand for Labour’, Oxford Economic Papers, 1958, pp. 1–33.Google Scholar
  6. Hazelwood, A., and Vandome, Peter (1961), ‘A Post Mortem on Econometric Forecasts’, Bulletin of the Oxford Institute of Statistics, 1961, pp. 67–81.Google Scholar
  7. Klein, L. R., and Ball, R. J. (1959), ‘Some Econometrics of the Determination of Absolute Prices and Wages’, Economic Journal, 1959, pp. 465–482.Google Scholar
  8. Lipsey, R. G. (1960), ‘The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1862–1957: A Further Analysis’, Economica, 1960, pp. 1–31.Google Scholar
  9. Lipsey, R. G., and Steuer, M. D. (1961), ‘The Relation Between Profits and Wage Rates’, Economica, 1961, pp. 137–155.Google Scholar
  10. Macdougall, Sir Donald (1959), ‘Inflation in the United Kingdom’, Economic Record, 1959, pp. 371–388.Google Scholar
  11. Neild, R. R. (1963), ‘Pricing and Employment in the Trade Cycle, A Study of British Manufacturing Industry, 1950–61’, National Institute of Economic and Social Research, Occasional Paper xxi, 1963.Google Scholar
  12. Nevin, E. (1963), ‘The Cost Structure of British Manufacturing’, Economic Journal, 1963, pp. 642–664.Google Scholar
  13. Phillips, A. W. (1958), ‘The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957’, Economica, 1958, pp. 283–299.Google Scholar
  14. Worswick, G. D. N., and Ady, P. H. (1962), The British Economy in the Nineteen Fifties, Clarendon Press, Oxford, 1962.Google Scholar

Copyright information

© International Economic Association 1966

Authors and Affiliations

  • J. Johnston
    • 1
  1. 1.University of ManchesterUK

Personalised recommendations