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British Economic Growth 1856-1973The Post-War Period in Historical Perspective$
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R. C. O. Matthews, C. H. Feinstein, and J. Odling-Smee

Print publication date: 1982

Print ISBN-13: 9780198284536

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198284535.001.0001

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(p.291) Chapter Ten Demand
British Economic Growth 1856-1973

R. C. O. Matthews

C. H. Feinstein (Contributor Webpage)

J. C. Odling‐Smee

Oxford University Press

Intermittent phases of high demand may affect the way demand keeps up with supply. The pressure of demand was obviously higher in 1951–73 than before 1914 and a fortiori higher than in the interwar period. Differences in cycle‐amplitude partly accounted for the differences between periods in the average pressure of demand. A Keynesian decomposition of the sources of demand pressure indicates that foreign trade was the main reason whythere was more excess supply in the interwar period than earlier. But investment, not the direct injection of demand by government, was what caused the high level of demand after World War II.

Keywords:   components of demand, cycle amplitude, demand management, excess demand, excess supply, real wages

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