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Chapter III. The British Economy Since 1979

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  • Anonymous

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Five years has been the average, and indeed the typical, duration of a full cycle in the British economy since the war. For that reason it has been taken as a convenient time span when considering medium-term developments such as the trend rate of growth of output or productive potential. If we now look back five years from 1987 the annual growth rate averages about 3½ per cent, suggesting a marked improvement in trend since the 1970s. This may be the correct conclusion to draw, but it cannot be accepted uncritically since the pattern of five-year cycles seems to have changed.

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  • Anonymous, 1987. "Chapter III. The British Economy Since 1979," National Institute Economic Review, National Institute of Economic and Social Research, vol. 122, pages 41-46, November.
    • Handle: RePEc:cup:nierev:v:122:y:1987:i::p:41-46_4
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