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Decline to FallThe Making of British Macro-economic Policy and the 1976 IMF Crisis$
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Douglas Wass

Print publication date: 2008

Print ISBN-13: 9780199534746

Published to Oxford Scholarship Online: May 2008

DOI: 10.1093/acprof:oso/9780199534746.001.0001

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The Anatomy of Economic Policy Making in the 1970s: ‘The Railway Timetables’

The Anatomy of Economic Policy Making in the 1970s: ‘The Railway Timetables’

(p.1) 1 The Anatomy of Economic Policy Making in the 1970s: ‘The Railway Timetables’
Decline to Fall

Douglas Wass

Oxford University Press

This chapter goes through the process by which macro-economic policy in the UK was made in the post-War years, and in particular, in the 1970s. It looks at the methodology of aggregate demand analysis and how ‘demand management’ came to play an important part in policy-making. It looks at the mechanisms of economic forecasting and policy simulation. It describes how monetary policy was shaped, what its foundations were, what the official attitude to ‘monetarism’ was, how the problem of wage inflation was addressed, and why the balance of payments and its financing played such an important part in Treasury thinking. It also looks at the constituent elements of the machinery of government and how they functioned and where the Bank of England fitted in.

Keywords:   macro-economic policy, aggregate demand, economic forecasting, policy simulation, monetary policy, monetarism, wage inflation, machinery of government, Bank of England

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