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Inflation, Growth, and Economic Policy in the Medium-Term

Published online by Cambridge University Press:  26 March 2020

T. S. Barker  and
V. H. Woodward
T. S. Barker
Affiliation:
Cambridge Growth Project, Department of Applied Economics, University of Cambridge
V. H. Woodward
Affiliation:
Cambridge Growth Project, Department of Applied Economics, University of Cambridge
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Extract

The development of a medium-term model of the British economy has proceeded in Cambridge continuously since 1960. Its purpose is summarised by the preface to the series of papers which describe the main research results: ‘The aim of the project is to study quantitatively in as great detail as possible the present structure and future prospects of the British economy, the possibilities of stimulating its rate of growth and the problems to which this would give rise.’[1] The model was always intended to help in planning and policy making and two sets of alternative projections of the economy, for 1970[4] and for 1972[5], have been published. In the last two years with the comprehensive incorporation of the fiscal system the model has been much more oriented towards economic policy making.

Type
Articles
Information
National Institute Economic Review , Volume 60 , May 1972 , pp. 37 - 55
Copyright
Copyright © 1972 National Institute of Economic and Social Research

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Footnotes

Research by the Cambridge Growth Project, on which this article is based is financed by the Treasury, the Central Statistical Office, the Social Science Research Council, and the University of Cambridge. The project is under the general direction of Richard Stone. The Department of Applied Economics also contains the Cambridge Economic Policy Group, separately staffed and directed, which is also concerned with the overall performance of the British economy.

The views expressed in this article are solely the responsibility of the authors. However, they wish to acknowledge the help received from other members of the project, in particular A. S. Deaton, A. W. A. Peterson, J. D. Sugden, and L. A. Winters. Valuable comment on the draft of this paper was received from W. A. H. Godley, W. B. Reddaway, R. Stone, R. H. Wallace, and K. J. Wigley.

References

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