Keynesian and Other Explanations of Post-war Macroeconomic Trends

  • Robin C. O. Matthews
  • Alex Bowen


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.


Labour Market Productivity Growth Inflation Rate Real Wage Capital Accumulation 
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. ATKINSON, P. and J. C. CHORAQUI (1985) ‘Real Interest Rates and the Prospects for Durable Growth’, OECD Working Paper No. 21, May.Google Scholar
  2. BAUMOL, W. J. and K. MCLENNAN (EDS) (1985) Productivity Growth and US Competitiveness ( New York: Oxford University Press ).Google Scholar
  3. BECKERMAN, W. and T. JENKINSON (1986) ‘What Stopped the Inflation? Unemployment or Commodity Prices?,’ Economic Journal vol. 96, March.Google Scholar
  4. 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
  5. BOSWORTH, B. P. and R. Z. LAWRENCE (1982) Commodity Prices and the New Inflation ( Washington DC: The Brookings Institution).Google Scholar
  6. BRITTON, A. (1986) The Trade Cycle in Britain 1958–1982, NIESR Cambridge University Press, Cambridge. Occasional Paper xxxtx.Google Scholar
  7. BROWN, A. J. (1985) World Inflation Since 1950: An International Comparative Study (Cambridge: National Institute of Economic Research, Cambridge University Press).Google Scholar
  8. BRUNO, M. and J. SACHS (1985) Economics of Worldwide Stagflation ( Oxford: Basil Blackwell).CrossRefGoogle Scholar
  9. CUKIERMAN, A. (1984) Inflation, Stagflation, Relative Prices, and Imperfect Information ( Cambridge: Cambridge University Press).CrossRefGoogle Scholar
  10. DENISON, E. F. (1979) Accounting for Slower Growth ( Washington DC: Brookings Institution).Google Scholar
  11. FELDSTEIN, M. (1982) ‘Inflation, Tax Rules, and the Accumulation of Residential and Non-Residential Capital’, Scandinavian Journal of Economics, vol. 842, pp. 293–311.CrossRefGoogle Scholar
  12. FITOUSSI, J. P. and E. S. PHELPS (1986) ‘Causes of the 1980s Slump in Europe’, Brookings Papers on Economic Activity 1986 /2.Google Scholar
  13. 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
  14. GORDON, R. J. (1977) ‘Can the Inflation of the 1970s be Explained?’. Brookings Papers on Economic Activity 1977 /1.Google Scholar
  15. Grubb, D. (1985) Topics in the OECD Phillips Curve, Discussion Paper No. 231 ( Centre for Labour Economics, LSE ), October.Google Scholar
  16. KALDOR, N. (1966) Causes of the Slow Rate of Economic Growth of the United Kingdom ( Cambridge: Cambridge University Press).Google Scholar
  17. KENDRICK, J. W. (1961) Productivity Trends in the US ( Princeton: Princeton University Press).Google Scholar
  18. LAYARD, P. R. G. and S. J. NICKELL (1986) ‘Unemployment in Britain’, Economica, vol. 53, no. 210(5).Google Scholar
  19. MADDISON, A. (1987) ‘Growth and Slowdown in Advanced Capitalist Economies’, Journal of Economic Literature, vol. xxv, no. 2, June.Google Scholar
  20. MATTHEWS, R. C..0. (1968) ‘Why Has Britain Had Full Employment Since the War?’, Economic Journal, vol. 78, September.Google Scholar
  21. MATTHEWS, R. C. O., C. H. FEINSTEIN and J. C. ODLING-SMEE (1982) British Economic Growth 1856–1973 ( Oxford: Clarendon Press ).CrossRefGoogle Scholar
  22. 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
  23. 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
  24. MODIGLIANI, F. and R. A. COHN (1979) ‘Inflation, Rational Valuation and the Market’, Financial Analysts Journal, vol. 35 (March—April).Google Scholar
  25. NEWELL, A. and J. S. V. SYMONS (1986A) ‘The Phillips Curve is a Real Wage Equation’ ( Centre for Labour Economics, LSE), July.Google Scholar
  26. 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
  27. NEWELL, A. (1985) ‘The Revised OECD Data Set’, Working Paper No. 781, ( Centre for Labour Economics, LSE ), August.Google Scholar
  28. NORDHAUS, W. D. (1980) ‘Oil and Economic Performance in Industrial Countries’, Brookings Papers on Economic Activity, 2.Google Scholar
  29. OHKAWA, K. and H. ROSOVSKY (1973) Japanese Economic Growth; Trend Acceleration in the Twentieth Century ( Stanford: Stanford University Press).Google Scholar
  30. OKUN, A. M. (1981) Prices and Quantities: a Macroeconomic Analysis ( Washington DC: Brookings Institution).Google Scholar
  31. 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
  32. PISSARIDES, C. (1986) ‘Unemployment’, Economic Policy, No. 3, October.Google Scholar
  33. SARGENT, J. R. (1979) ‘Productivity and Profits in U.K. Manufacturing’, Midland Bank Review, Autumn.Google Scholar
  34. SAWYER, M. (1983) Business Pricing and Inflation ( London: Macmillan).Google Scholar
  35. WADHWANI, S. B. (1984) ‘Inflation, Bankruptcy, Default Premia and the Stock Market’, Discussion Paper No. 194 ( Centre for Labour Economics, LSE ), March.Google Scholar
  36. 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
  37. WINTERS, L. A. (1987) ‘Models of Primary Price Indices’, Oxford Bulletin of Economics and Statistics, vol. 49 (3).Google Scholar

Copyright information

© National Economic Development Office 1988

Authors and Affiliations

  • Robin C. O. Matthews
  • Alex Bowen

There are no affiliations available

Personalised recommendations