Remember Me
Or use your Academic/Social account:


Or use your Academic/Social account:


You have just completed your registration at OpenAire.

Before you can login to the site, you will need to activate your account. An e-mail will be sent to you with the proper instructions.


Please note that this site is currently undergoing Beta testing.
Any new content you create is not guaranteed to be present to the final version of the site upon release.

Thank you for your patience,
OpenAire Dev Team.

Close This Message


Verify Password:
Verify E-mail:
*All Fields Are Required.
Please Verify You Are Human:
fbtwitterlinkedinvimeoflicker grey 14rssslideshare1
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
  • The results below are discovered through our pilot algorithms. Let us know how we are doing!

    • Abramovitz, M. (1986), 'Catching Up, Forging Ahead, and Falling Behind', Journal of Economic History, 46, 385-406.
    • Acemoglu, D. (2009), Introduction to Modern Economic Growth, Princeton, Princeton University Press.
    • Acemoglu, D. and Linn, J. (2004), 'Market Size in Innovation: Theory and Evidence from the Pharmaceutical Industry', Quarterly Journal of Economics, 119, 1049-90.
    • Aghion, P. and Howitt, P. (1992), 'A Model of Growth through Creative Destruction', Econometrica, 60, 323-51.
    • Aghion, P., Bloom, N., Blundell, R., Griffith, R. and Howitt, P. (2005), 'Competition and Innovation: an Inverted U Relationship', Quarterly Journal of Economics, 120, 701-28.
    • Aghion, P., Blundell, R., Griffith, R., Howitt, P. and Prantl, S. (2009), 'The Effects of Entry on Incumbent Innovation and Productivity', Review of Economics and Statistics, 91, 20-32.
    • Aghion, P., Dewatripont, M. and Rey, P. (1997), 'Corporate Governance, Competition Policy and Industrial Policy', European Economic Review, 41, 797-805.
    • Aghion, P. and Saint-Paul, G. (1998), 'On the Virtue of Bad Times: an Analysis of the Interaction between Economic Fluctuations and Productivity Growth', Macroeconomic Dynamics, 2, 322-344.
    • Ali-Yrkkö, J., Rouvinen, P., Seppälä, T. and Ylä-Antilla (2011), 'Who Captures Value in Global Supply Chains?: Case Nokia N95 Smartphone', Journal of Industry, Competition and Trade, 11, 263-78.
    • Autor, D. (2014), 'Polanyi's Paradox and the Shape of Employment Growth', NBER Working Paper No. 20485.
    • Badinger, H. (2005), 'Growth Effects of Economic Integration: Evidence from the EU Member States', Review of World Economics, 141, 50-78.
    • Baldwin, R. E. (1989), 'The Growth Effects of 1992', Economic Policy, 9, 248-81.
    • Baldwin, R. (2012), 'Global Supply Chains: Why They Emerged, Why They Matter, and Where They are Going', CEPR Discussion Paper No. 9103.
    • Baldwin, R. and Evenett, S. (2012), 'Value Creation and Trade in 21st Century Manufacturing: What Policies for UK Manufacturing?', in D. Greenaway (ed.), The UK in a Global World, London, CEPR.
    • Barnett, A., Batten, S., Chiu, A., Franklin, J. and Sebastiá-Barriel, M. (2014), 'The UK Productivity Puzzle', Bank of England Quarterly Bulletin, 54, 114-28.
    • Barro, R. J. (1991), 'Economic Growth in a Cross-Section of Countries', Quarterly Journal of Economics, 106, 407-43.
    • Benati, L. (2008), 'The 'Great Moderation' in the United Kingdom', Journal of Money, Credit and Banking, 40, 121-147.
    • Ben-David, D., Lumsdaine, R. and Papell, D. H. (2003), 'Unit Roots, Postwar Slowdowns and Long-Run Growth: Evidence from Two Structural Breaks', Empirical Economics, 28, 303-19.
    • Bilicka, K. and Devereux, M. (2012), CBT Corporate Tax Ranking 2012, Oxford, Centre for Business Taxation.
    • BIS (2012), Industrial Strategy: UK Sector Analysis.
    • Black, A. and Fraser, P. (2000), 'International Comparisons on Stock-Market Short-Termism: How Different is the UK Experience?', The Manchester School, 68 (supplement), 38-50.
    • Blinder, A. S. and Krueger, A. B. (2013), 'Alternative Measures of Offshorability: a Survey Approach”', Journal of Labor Economics, 31, S97-S128.
    • Bloom, N. (2014), “Fluctuations in Uncertainty”, Journal of Economic Perspectives, 28(2), 153-176.
    • Bloom, N., and van Reenen, J., (2007), 'Measuring and Explaining Management Practices across Firms and Countries', Quarterly Journal of Economics, 122, 1351-1408.
    • Blundell, R., Griffith, R., and van Reenen, J., (1999), Market Share, Market Value, and Innovation in a Panel of British Manufacturing Firms', Review of Economic Studies, 66, 529-54.
    • Bond, S. R., Harhoff, D. and Van Reenen, J. (2003), 'Investment, R and D and Financial Performance', London School of Economics Centre for Economic Performance Discussion Paper No. 595.
    • Brown, W., Bryson, A. and Forth, J. (2008), 'Competition and the Retreat from Collective Bargaining', National Institute of Economic and Social Research Discussion Paper No. 318.
    • Brynjolfsson, E. and Hitt, L. (2003), 'Computing Productivity: Firm-Level Evidence', Review of Economics and Statistics, 85, 793-808.
    • Buccirossi, P., Clari, L., Duso, T., Spagnolo, G. and Vitale, C. (2013),'Competition Policy and Economic Growth: an Empirical Assessment', Review of Economics and Statistics, 95, 1324-36.
    • Buigues, P. A. and Sekkat, K. (2011), 'Public Subsidies to Business: an International Comparison', Journal of Industry, Competition and Trade, 11, 1-24.
    • Byrne, D. M., Oliner, S. D. and Sichel, D. E. (2013), 'Is the Information Technology Revolution Over?', International Productivity Monitor, 25, 20-36.
    • Cette, G. and Lopez, J. (2012), 'ICT Demand Behaviour: an International Comparison', Economics of Innovation and New Technology, 21, 397-410.
    • Cheshire, P. C. and Hilber, C. A. L. (2008), 'Office Space Supply Restrictions in Britain: the Political Economy of Market Revenge', Economic Journal, 118, F185-F221.
    • Cheshire, P. C., Hilber, C. A. L. and Kaplanis, I. (2015), 'Land-Use Regulation and Productivity - Land Matters: Evidence from a UK Supermarket Chain', Journal of Economic Geography, 22, 43-73.
    • Cowen, T. (2011), The Great Stagnation.
    • Crafts, N. (1988), 'British Economic Growth before and after 1979: a Review of the Evidence', CEPR Discussion Paper No. 292.
    • Crafts, N. (1991), 'Reversing Relative Economic Decline? The 1980s in Historical Perspective', Oxford Review of Economic Policy, 7(3), 81-98.
    • Crafts, N. (2002), 'The Solow Productivity Paradox in Historical Perspective', CEPR Discussion Paper No. 3142.
    • Crafts, N. (2004), 'Steam as General Purpose Technology: a Growth Accounting Perspective', Economic Journal, 114, 338-51.
    • Crafts, N. (2012), 'British Relative Economic Decline Revisited: the Role of Competition', Explorations in Economic History, 49, 17-29.
    • Crafts, N. (2015a), 'West European Economic Integration since 1950: Implications for Trade and Income', University of Warwick CAGE Working Paper No. 219.
    • Crafts, N. (2015b), UK Economic Growth since 2010: Is It as Bad as It Seems?', National Institute Economic Review, 231, R17-R29.
    • Crespi, G., Criscuolo, C., and Haskel, J. (2007), 'Information Technology, Organizational Change and Productivity Growth: Evidence from UK Firms', London School of Economics Centre for Economic Performance Discussion Paper No. 783.
    • Davies, R., Haldane, A. G., Nielsen, M. and Pezzini, S. (2014), 'Measuring the Costs of Short-Termism', Journal of Financial Stability, 12, 16-25.
    • Denison, E. F. (1985), Trends in American Economic Growth, 1929-1982, Washington DC, The Brookings Institution.
    • Durlauf, S. N., Johnson, P. A. and Temple, J. R. W. (2005), 'Growth Econometrics', in P. Aghion and S. N. Durlauf (eds.), Handbook of Economic Growth, vol. 1A, Amsterdam, Elsevier.
    • Duval, R. and de la Maisonneuve, C. (2009), 'Long-Run GDP Growth Framework and Scenarios for the World Economy', OECD Economics Department Working Paper, No. 663.
    • Edquist, H. (2010), 'Does Hedonic Price Indexing Change our Interpretation of Economic History? Evidence from Swedish Electrification', Economic History Review, 63, 500-23.
    • Estevadeordal, A. and Taylor, A. (2013), 'Is the Washington Consensus Dead? Growth, Openness and the Great Liberalization, 1970s-2000s', Review of Economics and Statistics, 95, 1669-90.
    • Fernald, J. G. (2014), 'Productivity and Potential Output before, during and after the Great Recession', NBER Working Paper No. 20248.
    • Fernald, J. G. and Jones, C. I. (2014),'The Future of US Economic Growth', American Economic Review Papers and Proceedings, 104, 44-9.
    • Frey, C. B. and Osborne, M. A. (2013), “The Future of Employment: How Susceptible are Jobs to Computerisation?”, mimeo, Oxford Martin School.
    • Frontier Economics (2014), Rates of Return to Investment in Science and Innovation, London.
    • Geroski, P. A. (1990), 'Innovation, Technological Opportunity, and Market Structure', Oxford Economic Papers, 42, 586-602.
    • Geroski, P.A. (2000), 'Models of Technology Diffusion', Research Policy, 29, 603-25.
    • Goos, M., Manning A., and Salomons, A. (2014), 'Explaining Job Polarization: Routine-Biased Technological Change and Offshoring', American Economic Review, 104, 2509-26.
    • Gordon, R. J. (2014), 'The Demise of U. S. Economic Growth: Restatement, Rebuttal, and Reflections', NBER Working Paper No. 19895.
    • Gregg, P., Machin, S. and Metcalf, D. (1993), 'Signals and Cycles: Productivity Growth and Change in Union Status in British Companies, 1984-9', Economic Journal, 103, 894-907.
    • Griffith, R. (2001), 'Product Market Competition, Efficiency and Agency Costs: an Empirical Analysis', Institute for Fiscal Studies Working Paper No. 01/12.
    • Griffith, R., Redding, S. and van Reenen, J. (2004), 'Mapping the Two Faces of R & D: Productivity Growth in a Panel of OECD Industries', Review of Economics and Statistics, 86, 883-95.
    • Granstrand, O. (2006), 'Innovation and Intellectual Property Rights', in J. Fagerberg, D. C. Mowery and R. Nelson (eds.), The Oxford Handbook of Innovation, Oxford, Oxford University Press.
    • Grossman, G. and Helpman, E. (1991), 'Quality Ladders in the Theory of Growth', Review of Economic Studies, 58, 43-61.
    • Gust, C. and Marquez, J. (2004), 'International Comparisons of Productivity Growth: the Role of Information Technology and Regulatory Practices', Labour Economics, 11, 33-58.
    • Hall, P. A. and Soskice, D. (2001), 'An Introduction to Varieties of Capitalism', in P. A. Hall, and D. Soskice (eds.), Varieties of Capitalism, Oxford, Oxford University Press.
    • Hansen, A.H. (1939), 'Economic Progress and Declining Population Growth', American Economic Review, 29, 1-15.
    • Hanushek, E. A. and Woessmann, L. (2012), 'Do Better Schools Lead to More Growth?: Cognitive Skills, Economic Outcomes, and Education', Journal of Economic Growth, 17, 267-321.
    • Harris, R. and Moffat, J. (2013), 'Intangible Assets, Absorbing Knowledge and Its Impact on Firm Performance: Theory, Measurement and Policy Implications', Contemporary Social Science, 8, 346-61.
    • Johansson, A., Heady, C., Arnold, J., Brys, B. and Vartis, L. (2008), 'Taxation and Economic Growth', OECD Economics Department Working Paper No. 620.
    • Kamps, C. (2005a), 'The Dynamic Effects of Public Capital: VAR Evidence for 22 OECD Countries', International Tax and Public Finance, 12, 533-558.
    • Kamps, C. (2005b), 'Is There a Lack of Public Capital in the European Union?', EIB Papers, 10(1), 73- 93.
    • Klenow, P. J. and Rodriguez-Clare, A. (2005), 'Externalities and Growth', in P. Aghion and S. N. Durlauf (eds.), Handbook of Economic Growth, vol. 1A, Amsterdam, Elsevier.
    • Krugman, P. (1987), 'The Narrow Moving Band, the Dutch Disease, and the Competitive Consequences of Mrs Thatcher', Journal of Development Economics, 27, 41-55.
    • Leunig, T. and Overman, H. (2008), 'Spatial Patterns of Development and the British Housing Market', Oxford Review of Economic Policy, 24, 59-78.
    • Lin, S-C. and Kim, D-H. (2014), 'The Link between Economic Growth and Growth Volatility', Empirical Economics, 46, 43-63.
    • LSE Growth Commission (2013), Investing in Prosperity: Skills, Infrastructure and Innovation, London, London School of Economics.
    • Lucas, R. E. (1988), 'On the Mechanics of Economic Development', Journal of Monetary Economics, 22, 3-42.
    • Machin, S. and Wadhwani, S. (1989), 'The Effects of Unions on Organisational Change, Investment and Employment: Evidence from WIRS Data', London School of Economics Centre for Labour Economics Discussion Paper No. 355.
    • Maddison, A. (1982), Phases of Capitalist Development, Oxford, Oxford University Press.
    • Maddison, A. (1987), 'Growth and Slowdown in Advanced Capitalist Economies: Techniques of Quantitative Assessment', Journal of Economic Literature, 25, 649-98.
    • Maddison, A. (2010), Historical Statistics of the World Economy, 1-2008AD.
    • Matthews, R.C.O. (1982), 'Introduction: a Summary View', in R.C.O.Matthews (ed.), Slower Growth in the Western World, London, Heinemann.
    • Mayhew, K. (2013), 'Government and Business: an Introduction', Oxford Review of Economic Policy, 29, 249-260.
    • Miles, D. (1993), 'Testing for Short-Termism in the UK Stock Market', Economic Journal, 103, 1379- 96.
    • Miles, D., Yang, J. and Marcheggiano, G. (2013), 'Optimal Bank Capital', Economic Journal, 123, 1-37.
    • Mirrlees, J., Adam, S., Besley, T., Blundell, R., Bond, S., Chote, R., Gammie, M., Johnson, P., Myles, G. and Poterba, J. (2011), 'The Mirrlees Review: Conclusions and Recommendations for Reform', Fiscal Studies, 32, 331-359.
    • Mokyr, J. (2014), 'Secular Stagnation? Not in Your Life', in C. Teulings and R. Baldwin (eds.), Secular Stagnation: Facts, Causes and Cures, London, CEPR Press.
    • Morris, D. J. and Stout, D. (1985), 'Industrial Policy', in D. J. Morris (ed.), The Economic System in the UK, Oxford, Oxford University Press.
    • Morrisson, C. and Murtin, F. (2009), 'The Century of Education', Journal of Human Capital, 3, 1-42.
    • Murray, J. (2014), 'Output Gap Measurement: Judgement and Uncertainty', Office for Budget Responsibility Working Paper No. 5.
    • Nickell, S. J. (1996), 'Competition and Corporate Performance', Journal of Political Economy, 104, 724-46.
    • Nickell, S.J., Nicolitsas, D., and Dryden, N. (1997), 'What Makes Firms Perform Well?', European Economic Review, 41, 783-96.
    • Oulton, N. (2013b), 'Has the Growth of Real GDP in the UK been Overstated because of Mismeasurement of Banking Output?', National Institute Economic Review, 224, R59-R65.
    • Popp, D. (2002), 'Induced Innovation and Energy Prices', American Economic Review, 92, 160-80.
    • Prais, S. J. (1981), Productivity and Industrial Structure, Cambridge, Cambridge University Press.
    • Rafferty, M. (2005), 'The Effects of Expected and Unexpected Volatility on Long-Run Growth: Evidence from 18 Developed Countries', Southern Economic Journal, 71, 582-591.
    • Ramey, G. and Ramey, V. A. (1995), 'Cross-Country Evidence on the Link between Volatility and Growth', American Economic Review, 85, 1138-1151
    • Rhodes, C. (2014), 'Industrial Policy since 2010', House of Commons Library Standard Note, SN/EP/6857.
    • Romer, P. M. (1986), 'Increasing Returns and Long-Run Growth', Journal of Political Economy, 94, 1002-37.
    • Sentance, A. (2013), Rediscovering Growth after the Crisis, London, London Publishing Partnership.
    • Silberston, A. (1981), 'Industrial Policies in Britain, 1960-1980', in C. Carter (ed.), Industrial Policy and Innovation, London, Heinemann.
    • Summers, R. and Heston, A., 'Improved International Comparisons of Real Product and its Composition, 1950-1980', Review of Income and Wealth, 30, 207-62.
    • Tassey, G. (2014), 'Competing in Advanced Manufacturing: the Need for Improved Growth Models and Policies', Journal of Economic Perspectives, 28, 27-48.
    • Timmer, M. P., Erumban, A. A., Los, B., Stehrer, R. and de Vries, G. J. (2014), 'Slicing Up Global Value Chains', Journal of Economic Perspectives, 28, 99-118.
    • Triplett, J. (1999), 'The Solow Productivity Paradox: What Do Computers Do to Productivity?', Canadian Journal of Economics, 32, 309-34.
    • Van Ark, B. (2011), 'Up the Hill and Down Again: a History of Europe's Productivity Gap Relative to the United States, 1950-2009', Nordic Economic Policy Review, 2, 27-56.
    • van Ark, B., Hao, J. X., Corrado, C. and Hulten, C. (2009), 'Measuring Intangible Capital and its Contribution to Economic Growth in Europe', EIB Papers, 14(1), 63-93.
    • Van Reenen, J. (2013), 'Productivity under the 1997-2010 Labour Government', Oxford Review of Economic Policy, 29, 113-41.
    • Wren, C. (2001), 'The Industrial Policy of Competitiveness: a Review of Recent Developments in the UK', Regional Studies, 35, 847-860.
    • Employment Change in Share, Share in 1993 (%) 1993-2010 (%pt.) 31.67 46.75 21.56 5.62 3.65 0.69 0.08 0.24 0.84
  • No related research data.
  • No similar publications.

Share - Bookmark

Cite this article