https://cpes.org.uk/om/files/original/3ac2094071c7a9e64b268e19a24ee730.pdf 551cecd4a3e9e7c9891918dd2eda387f Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Cambridge Economic Policy Review Volume 6 No. 1 Date A point or period of time associated with an event in the lifecycle of the resource April 1980 Text A resource consisting primarily of words for reading. Examples include books, letters, dissertations, poems, newspapers, articles, archives of mailing lists. Note that facsimiles or images of texts are still of the genre Text. Text Any textual data included in the document ', Cambridge Economic Policy Review In 1980, the Cambridge Economic Policy Review will be published in three parts and will be available on subscription. The topics covered are: Vol. 6 No.1 UK economic policy and its inter- (April) national context, with particular reference to the EEC. Vol. 6 No.2 An analysis of the UK's regional (June) growth and decay using a consistent series of regional income accounts. Vol. 6 No.3 An appraisal of world development (November) prospects in the 1980s, together with a critical review of work in this field. The rates for the three issues are: UK: £16.50 including postage and packing. All other territories: $39.50 (airmail extra). Single issues: £6.50 or $15.75 including postage and packing. Available from Subscription Department, Gower Publishing Company Limited, 1 Westmead, Farnborough, Hampshire GU14 7RU, England. Telephone Farnborough (0252) 519221. I ~ I ' University of Cambridge Department of Applied Economics Cambridge Economic Policy Review April 1980 Vol6 No.1 Gower Acknowledgements This Review is the latest in a series of annual reviews on policy questions which began in 1971. The Cambridge Economic Policy Group comprises: Paul Atkinson Kenneth Coutts Francis Cripps Martin Fetherston Wynne Godley Graham Gudgin Barry Moore John Rhodes Roger Tarling Terry Ward Frank Wilkinson In addition, Richard Bacon, of the Department of Land Economy, University of Cambridge, has worked closely with the Group again this year. We have continued to be helped on North Sea projections by Colin Robinson and Chris Rowland of the University of Surrey. I should like to thank Sheila Sibson-Turnbull for running our Department with such kindness and efficiency. As usual Joyce Leverett took the main burden of typing our various drafts, ably helped by Shani Douglas, Anne Mason, Sharon Metcalfe, Sue Moore, Kath Wilson and Teresa Gurner. We are also grateful to Bobbie Coe, Lynda Symonds and Diana Day for all their computing work and to the University Computing Service for the excellent facilities with which it provides us. Sarah Bourne undertook the liaison between authors and publishers. The Economic Policy Group has received continuing financial support from the Social Science Research Council and Richard Bacon has been assisted by a Milk Marketing Board scholarship. None of these organisations is in any way responsible for the conclusions of our research. Wynne Godley ISBN 0 566 02222 2 Gower Publishing Company Limited 1 Westmead, Farnborough, Hampshire, England © Department of Applied Economics, University of Cambridge, 1980 Contents Acknowledgements Chapter 1 Post-Budget Policy Assessment Short-term prospects- Medium-term prospects The government's attitude to strategy -What should be done Chapter 2 Britain's economic crisis and possible remedies What went wrong- The North Sea mirage- Government policies -Consequences of stagnation throughout the 1970s The present government's strategy- The prospect of deflation -The scope for tax cuts -Monetary policy and inflation - Pressures for a policy change - A return to conventional policies -The alternative strategy once again International agreements and retaliation Appendix Chapter 3 Britain and Europe The static effects - The new risk to British agriculture - The dynamic process - The UK's experience as an EEC member Towards a solution Chapter 4 Academic criticisms of the CEPG analysis Protection as part of a macroeconomic strategy- Prices and wages - New Cambridge Statistical Appendix Historical data and projections for the UK economy Policy assumptions- Notes and definitions- Expenditure, output and income -Employment and unemployment Financial balances -Costs and prices -Public sector accounts - Balance of payments -North Sea account Select bibliography page ii 5 19 27 35 43 55 iii  Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Front matter and Table of Contents Source A related resource from which the described resource is derived Cambridge Economic Policy Review Volume 6 No. 1 pages i - iii Date A point or period of time associated with an event in the lifecycle of the resource April 1980