Review of the quarter's economic trends [July 1977]

David N. F. Bell, Victor Bulmer-Thomas, Alan A. Carruth, Michael W. Danson, John Duignan, M. E. Glassford, Frank X. Kirwan, James W. McGilvray, David R. F. Simpson, Alison A. Wingfield, Fraser of Allander Institute

    Research output: Contribution to journalArticle

    Abstract

    For most of the industrialised world the first half of 1977 has been a period of relatively slow growth, and relatively little progress towards the twin policy goals of price stability and full employment. In many ways the situation is radically different from that of similar periods of slow growth in earlier decades, when the constraints on the expansionary leanings of finance ministers stemmed mainly from the balance of payments. As this quarterly analysis shows, while many countries now shoulder deficits which would have been thought unbearable in the sixties, the primacy of the trade balance as a policy constraint has been usurped by inflation. Governments now refrain from expanding demand because of the supposedly adverse effects on inflation, rather than the former fear of a balance of payments deficit.
    LanguageEnglish
    Pages1-4
    Number of pages4
    JournalQuarterly Economic Commentary
    Volume3
    Issue number1
    Publication statusPublished - Jul 1977

    Fingerprint

    Balance of payments
    Economic trends
    Inflation
    Trade balance
    Full employment
    Price stability
    Government
    Finance
    Primacy

    Keywords

    • world economic output
    • global economic conditions
    • British economic performance

    Cite this

    Bell, D. N. F., Bulmer-Thomas, V., Carruth, A. A., Danson, M. W., Duignan, J., Glassford, M. E., ... Fraser of Allander Institute (1977). Review of the quarter's economic trends [July 1977]. Quarterly Economic Commentary, 3(1), 1-4.
    Bell, David N. F. ; Bulmer-Thomas, Victor ; Carruth, Alan A. ; Danson, Michael W. ; Duignan, John ; Glassford, M. E. ; Kirwan, Frank X. ; McGilvray, James W. ; Simpson, David R. F. ; Wingfield, Alison A. ; Fraser of Allander Institute. / Review of the quarter's economic trends [July 1977]. In: Quarterly Economic Commentary. 1977 ; Vol. 3, No. 1. pp. 1-4.
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    Bell, DNF, Bulmer-Thomas, V, Carruth, AA, Danson, MW, Duignan, J, Glassford, ME, Kirwan, FX, McGilvray, JW, Simpson, DRF, Wingfield, AA & Fraser of Allander Institute 1977, 'Review of the quarter's economic trends [July 1977]' Quarterly Economic Commentary, vol. 3, no. 1, pp. 1-4.

    Review of the quarter's economic trends [July 1977]. / Bell, David N. F.; Bulmer-Thomas, Victor; Carruth, Alan A.; Danson, Michael W.; Duignan, John; Glassford, M. E.; Kirwan, Frank X.; McGilvray, James W.; Simpson, David R. F.; Wingfield, Alison A.; Fraser of Allander Institute.

    In: Quarterly Economic Commentary, Vol. 3, No. 1, 07.1977, p. 1-4.

    Research output: Contribution to journalArticle

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    Bell DNF, Bulmer-Thomas V, Carruth AA, Danson MW, Duignan J, Glassford ME et al. Review of the quarter's economic trends [July 1977]. Quarterly Economic Commentary. 1977 Jul;3(1):1-4.