Symposium on the Scottish labour market

Mark McFarland, Myrvin Anthony, Lorraine Armstrong, Brian Ashcroft, Paul Draper, Stewart Dunlop, Sarah Le Tissier, Jim Love, Kenneth Low, Cliff Lockyer, Eleanor Malloy, Peter McGregor, Iain McNicoll, Eric McRory, Clare Reid, Jim Stevens, Kim Swales, Mark McFarland (Editor), Fraser of Allander Institute

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Abstract

In the post-war period, up to the late 1960s, Britain enjoyed a modicum of unemployment and government policies which were geared to producing Full Employment were considered a success. It was simple - boost demand and more people would find work. But the mid 1970s the economic regency enjoyed by those advocating demand sided policies fell into disrepute as the OPEC nations raised prices dramatically and brought in a new era of both rising prices and unemployment. The laws of economics, which previously had viewed policy decisions as the choice between lower unemployment and higher inflation were now redundant. Both unemployment and inflation were moving in the same direction. The era of stagflation had begun.
Original languageEnglish
Pages (from-to)56-71
Number of pages16
JournalQuarterly Economic Commentary
Volume19
Issue number3
Publication statusPublished - Mar 1994

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Labour market
Symposium
Unemployment
Economics
Government policy
Full employment
Stagflation
High inflation
Inflation

Keywords

  • Scottish economic trends
  • economic forecasts
  • Scottish labour market conditions

Cite this

McFarland, M., Anthony, M., Armstrong, L., Ashcroft, B., Draper, P., Dunlop, S., ... Fraser of Allander Institute (1994). Symposium on the Scottish labour market. Quarterly Economic Commentary, 19(3), 56-71.
McFarland, Mark ; Anthony, Myrvin ; Armstrong, Lorraine ; Ashcroft, Brian ; Draper, Paul ; Dunlop, Stewart ; Le Tissier, Sarah ; Love, Jim ; Low, Kenneth ; Lockyer, Cliff ; Malloy, Eleanor ; McGregor, Peter ; McNicoll, Iain ; McRory, Eric ; Reid, Clare ; Stevens, Jim ; Swales, Kim ; McFarland, Mark (Editor) ; Fraser of Allander Institute. / Symposium on the Scottish labour market. In: Quarterly Economic Commentary. 1994 ; Vol. 19, No. 3. pp. 56-71.
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author = "Mark McFarland and Myrvin Anthony and Lorraine Armstrong and Brian Ashcroft and Paul Draper and Stewart Dunlop and {Le Tissier}, Sarah and Jim Love and Kenneth Low and Cliff Lockyer and Eleanor Malloy and Peter McGregor and Iain McNicoll and Eric McRory and Clare Reid and Jim Stevens and Kim Swales and Mark McFarland and {Fraser of Allander Institute}",
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McFarland, M, Anthony, M, Armstrong, L, Ashcroft, B, Draper, P, Dunlop, S, Le Tissier, S, Love, J, Low, K, Lockyer, C, Malloy, E, McGregor, P, McNicoll, I, McRory, E, Reid, C, Stevens, J, Swales, K, McFarland, M (ed.) & Fraser of Allander Institute 1994, 'Symposium on the Scottish labour market', Quarterly Economic Commentary, vol. 19, no. 3, pp. 56-71.

Symposium on the Scottish labour market. / McFarland, Mark; Anthony, Myrvin; Armstrong, Lorraine; Ashcroft, Brian; Draper, Paul; Dunlop, Stewart; Le Tissier, Sarah; Love, Jim; Low, Kenneth; Lockyer, Cliff; Malloy, Eleanor; McGregor, Peter; McNicoll, Iain; McRory, Eric; Reid, Clare; Stevens, Jim; Swales, Kim; McFarland, Mark (Editor); Fraser of Allander Institute.

In: Quarterly Economic Commentary, Vol. 19, No. 3, 03.1994, p. 56-71.

Research output: Contribution to journal › Article

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AU - Armstrong, Lorraine

AU - Ashcroft, Brian

AU - Draper, Paul

AU - Dunlop, Stewart

AU - Le Tissier, Sarah

AU - Love, Jim

AU - Low, Kenneth

AU - Lockyer, Cliff

AU - Malloy, Eleanor

AU - McGregor, Peter

AU - McNicoll, Iain

AU - McRory, Eric

AU - Reid, Clare

AU - Stevens, Jim

AU - Swales, Kim

AU - Fraser of Allander Institute

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AB - In the post-war period, up to the late 1960s, Britain enjoyed a modicum of unemployment and government policies which were geared to producing Full Employment were considered a success. It was simple - boost demand and more people would find work. But the mid 1970s the economic regency enjoyed by those advocating demand sided policies fell into disrepute as the OPEC nations raised prices dramatically and brought in a new era of both rising prices and unemployment. The laws of economics, which previously had viewed policy decisions as the choice between lower unemployment and higher inflation were now redundant. Both unemployment and inflation were moving in the same direction. The era of stagflation had begun.

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McFarland M, Anthony M, Armstrong L, Ashcroft B, Draper P, Dunlop S et al. Symposium on the Scottish labour market. Quarterly Economic Commentary. 1994 Mar;19(3):56-71.

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