Abstract
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
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Notes
For example, Milton Friedman, Unemployment versus Inflation?, Occasional Paper 44, with a British Commentary by David Laidler, IEA, 1975 (3rd Impression 1977).
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.
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© 1996 The Wincott Foundation
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Walters, A. (1996). Economists and the British Economy. In: Wood, G.E. (eds) Explorations in Economic Liberalism. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-24967-1_6
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DOI: https://doi.org/10.1007/978-1-349-24967-1_6
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