Economists and the British Economy

  • Alan Walters


In the late 1950s and early 1960s only a handful of British economists — for the most part associated with the IEA — began to swim against the mainstream of conventional wisdom of Cambridge, National Institute (NIESR), Treasury and Bank of England establishment. At first, the establishment ignored them — expecting, I suppose, that they would become weary once more and rejoin the mainstream. But the IEA went on its way. And the obloquy was poured in full measure: jejune, Neanderthal, antediluvian — ultimately becoming Selsdon man.1


Money Supply Government Spending Import Price Phillips Curve Consumption Function 
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  1. 19.
    For example, Milton Friedman, Unemployment versus Inflation?, Occasional Paper 44, with a British Commentary by David Laidler, IEA, 1975 (3rd Impression 1977).Google Scholar
  2. 44.
    For a number of reasons why, see Robin Pringle, The Growth Merchants, Centre for Policy Studies, London, 1977. As I wrote, in October 1977, the new wave of expansion began to surge. We shall have to wait and see whether it again overwhelms us, as in 1972–73, and what the consequences are.Google Scholar

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© The Wincott Foundation 1996

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  • Alan Walters

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