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Short-term Models and Long-term Problems

In: Demand, Equilibrium and Trade

Author

Listed:
  • Alan Budd
  • Sean Holly

Abstract

Consider an economy of which the following statements are true: 1. Between 1955 and 1960 the average rate of unemployment was 1.2 per cent. Between 1975 and 1980 it was 5.5 per cent. 2. Between 1955 and 1960 the average annual rate of inflation was 3 per cent. Between 1975 and 1980 it was 16 per cent. 3. In 1960 the ratio of manufacturing output to GDP was 35 per cent. In 1980 it was 25 per cent. 4. In 1960 the ratio of imports to GDP was 25 per cent. In 1980 it was 30 per cent. 5. Between 1955 and 1960 the average annual growth of GDP was 2.6 per cent. Between 1975 and 1980 it was 1.1 per cent.

Suggested Citation

  • Alan Budd & Sean Holly, 1984. "Short-term Models and Long-term Problems," Palgrave Macmillan Books, in: A. Ingham & A. M. Ulph (ed.), Demand, Equilibrium and Trade, chapter 12, pages 213-235, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-06358-1_12
    DOI: 10.1007/978-1-349-06358-1_12
    as

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