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

Keywords

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

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