Growth, Inflation and Employment: An Introduction
If we date an era of economic expansion as the period after the Second World War and extending up to the present time, we may note that this era did get off to a fine start in terms of macroeconomic indicators of growth, inflation and employment. As is shown in Table 18.1, the 1950s and 1960s were basically decades of good growth (in excess of 4 per cent for the world as a whole) with low or moderate inflation of about 3 to 4 per cent. Unemployment was not high. In the industrial world (OECD countries) unemployment also averaged no more than about 3 to 4 per cent.
KeywordsIndustrial Policy Trade Balance Youth Unemployment Macroeconomic Indicator Wage Demand
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