Skip to main content

Keynesian and Other Explanations of Post-war Macroeconomic Trends

  • Chapter
Keynes and Economic Policy

Abstract

Our remit is historical. The question to be considered is how far the Keynesian framework is appropriate for explaining the main macroeconomic events of the post-war period. We could have approached this question by starting from the various components of Keynesian theory and asking how each of these fares when confronted with post-war experience. We have chosen to start from the other end, that is, from the events. As a result, some themes prominent in Keynes will get little or no mention.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 39.99
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 54.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • ATKINSON, P. and J. C. CHORAQUI (1985) ‘Real Interest Rates and the Prospects for Durable Growth’, OECD Working Paper No. 21, May.

    Google Scholar 

  • BAUMOL, W. J. and K. MCLENNAN (EDS) (1985) Productivity Growth and US Competitiveness ( New York: Oxford University Press ).

    Google Scholar 

  • BECKERMAN, W. and T. JENKINSON (1986) ‘What Stopped the Inflation? Unemployment or Commodity Prices?,’ Economic Journal vol. 96, March.

    Google Scholar 

  • BENJAMIN, D. K. and L. A. KOCHIN (1982) ‘Unemployment and Unemployment Benefits in Twentieth Century Britain: a Reply to Our Critics’, Journal of Political Economy, vol. 90(2), April.

    Google Scholar 

  • BOSWORTH, B. P. and R. Z. LAWRENCE (1982) Commodity Prices and the New Inflation ( Washington DC: The Brookings Institution).

    Google Scholar 

  • BRITTON, A. (1986) The Trade Cycle in Britain 1958–1982, NIESR Cambridge University Press, Cambridge. Occasional Paper xxxtx.

    Google Scholar 

  • BROWN, A. J. (1985) World Inflation Since 1950: An International Comparative Study (Cambridge: National Institute of Economic Research, Cambridge University Press).

    Google Scholar 

  • BRUNO, M. and J. SACHS (1985) Economics of Worldwide Stagflation ( Oxford: Basil Blackwell).

    Book  Google Scholar 

  • CUKIERMAN, A. (1984) Inflation, Stagflation, Relative Prices, and Imperfect Information ( Cambridge: Cambridge University Press).

    Book  Google Scholar 

  • DENISON, E. F. (1979) Accounting for Slower Growth ( Washington DC: Brookings Institution).

    Google Scholar 

  • FELDSTEIN, M. (1982) ‘Inflation, Tax Rules, and the Accumulation of Residential and Non-Residential Capital’, Scandinavian Journal of Economics, vol. 842, pp. 293–311.

    Article  Google Scholar 

  • FITOUSSI, J. P. and E. S. PHELPS (1986) ‘Causes of the 1980s Slump in Europe’, Brookings Papers on Economic Activity 1986 /2.

    Google Scholar 

  • FLEMMING, J. S. et al. (1976) ‘The Cost of Capital, Finance, and Investment’, Bank of England Quarterly Bulletin, vol. 162, pp. 193–205.

    Google Scholar 

  • GORDON, R. J. (1977) ‘Can the Inflation of the 1970s be Explained?’. Brookings Papers on Economic Activity 1977 /1.

    Google Scholar 

  • Grubb, D. (1985) Topics in the OECD Phillips Curve, Discussion Paper No. 231 ( Centre for Labour Economics, LSE ), October.

    Google Scholar 

  • KALDOR, N. (1966) Causes of the Slow Rate of Economic Growth of the United Kingdom ( Cambridge: Cambridge University Press).

    Google Scholar 

  • KENDRICK, J. W. (1961) Productivity Trends in the US ( Princeton: Princeton University Press).

    Google Scholar 

  • LAYARD, P. R. G. and S. J. NICKELL (1986) ‘Unemployment in Britain’, Economica, vol. 53, no. 210(5).

    Google Scholar 

  • MADDISON, A. (1987) ‘Growth and Slowdown in Advanced Capitalist Economies’, Journal of Economic Literature, vol. xxv, no. 2, June.

    Google Scholar 

  • MATTHEWS, R. C..0. (1968) ‘Why Has Britain Had Full Employment Since the War?’, Economic Journal, vol. 78, September.

    Google Scholar 

  • MATTHEWS, R. C. O., C. H. FEINSTEIN and J. C. ODLING-SMEE (1982) British Economic Growth 1856–1973 ( Oxford: Clarendon Press ).

    Book  Google Scholar 

  • MELLIS, C. L. and P. W. RICHARDSON (1976) ‘Value of Investment Incentives for Manufacturing Industry’, in A. Whiting (ed.), The Economics of Industrial Subsidies ( London: HMSO ).

    Google Scholar 

  • METCALF, D., S. J. NICKELL and N. FLOROS (1982) ‘Still Searching for an Explanation of Unempoyment in Interwar Britain’, Journal of Political Economy, vol. 90(2), April.

    Google Scholar 

  • MODIGLIANI, F. and R. A. COHN (1979) ‘Inflation, Rational Valuation and the Market’, Financial Analysts Journal, vol. 35 (March—April).

    Google Scholar 

  • NEWELL, A. and J. S. V. SYMONS (1986A) ‘The Phillips Curve is a Real Wage Equation’ ( Centre for Labour Economics, LSE), July.

    Google Scholar 

  • NEWELL, A. and J. S. V. SYMONS (1986B) ‘Corporatism, the Laissez-Faire and the Rise in Unemployment’ (Centre for Labour Economics, LSE ), November.

    Google Scholar 

  • NEWELL, A. (1985) ‘The Revised OECD Data Set’, Working Paper No. 781, ( Centre for Labour Economics, LSE ), August.

    Google Scholar 

  • NORDHAUS, W. D. (1980) ‘Oil and Economic Performance in Industrial Countries’, Brookings Papers on Economic Activity, 2.

    Google Scholar 

  • OHKAWA, K. and H. ROSOVSKY (1973) Japanese Economic Growth; Trend Acceleration in the Twentieth Century ( Stanford: Stanford University Press).

    Google Scholar 

  • OKUN, A. M. (1981) Prices and Quantities: a Macroeconomic Analysis ( Washington DC: Brookings Institution).

    Google Scholar 

  • PERRY, G. L. (1986) ‘Policy Lessons from the Post-war Period’; Chapter 6 in W. Beckerman (ed.), Wage Rigidity and Unemployment, ( London: Duckworth).

    Google Scholar 

  • PISSARIDES, C. (1986) ‘Unemployment’, Economic Policy, No. 3, October.

    Google Scholar 

  • SARGENT, J. R. (1979) ‘Productivity and Profits in U.K. Manufacturing’, Midland Bank Review, Autumn.

    Google Scholar 

  • SAWYER, M. (1983) Business Pricing and Inflation ( London: Macmillan).

    Google Scholar 

  • WADHWANI, S. B. (1984) ‘Inflation, Bankruptcy, Default Premia and the Stock Market’, Discussion Paper No. 194 ( Centre for Labour Economics, LSE ), March.

    Google Scholar 

  • WADHWANI, S. B. (1985) ‘The Effects of Aggregate Demand, Inflation, Real Wages and Uncertainty on Manufacturing Employment’, Discussion Paper No. 210 ( Centre for Labour Economics, LSE ), February.

    Google Scholar 

  • WINTERS, L. A. (1987) ‘Models of Primary Price Indices’, Oxford Bulletin of Economics and Statistics, vol. 49 (3).

    Google Scholar 

Download references

Authors

Editor information

Editors and Affiliations

Copyright information

© 1988 National Economic Development Office

About this chapter

Cite this chapter

Matthews, R.C.O., Bowen, A. (1988). Keynesian and Other Explanations of Post-war Macroeconomic Trends. In: Eltis, W., Sinclair, P. (eds) Keynes and Economic Policy. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-10338-6_17

Download citation

Publish with us

Policies and ethics