Applying the Dismal Science When Economists

This collection shows what went wrong in UK economic policy-making in the 1960s and 1970s, what goes better now, and what still goes wrong. The editors explain how recent developments in economic theory have improved economic policy making.

List of Figures and Tables

vi

Foreword

vii

Martin Wolf

Preface

viii

Notes on Contributors

xi

Introduction: Public Finance, Public Choice, and Political Economy

1

(23)

Iain McLean

Colin Jennings

1964--79

24

(19)

Peter Jay

Fiscal Policy in the United Kingdom

43

(12)

Alan Budd

The Use and Abuse of Economics and Social Science with Special Reference to Transport Policy

55

(19)

Christopher Foster

New Labour and New Social Democracy

74

(22)

Iain McLean

Stability, Growth, and Labour's Macroeconomic Policy

96

(29)

Ed Balls

Macroeconomic Policy: Theory and Institutional Practice

125

(32)

Christopher Allsopp

The United Kingdom as Monetary and Fiscal Union

157

(24)

Mark H. Robson

Using and Abusing Economic Theory

181

(29)

Paul Klemperer

Conclusion

210

(5)

Colin Jennings

Iain McLean

References

215

(13)

Index

228

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Applying the Dismal Science When Economists Give Advice to Governments

Summary

Table of Contents

Supplemental Materials