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Crafts, N. F. R. (2015)
Publisher: Oxford University Press
Languages: English
Types: Article
Subjects: HC, HD
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.\ud \ud

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