This is the 16th edition of the classic text on the UK economy, originally edited by Prest and Coppock. Comprehensively rewritten and updated at frequent intervals, The UK Economy has become acknowledged as one of the most systematic, up to date, and balanced assessments of British economic...

As economic austerity threatens to sweep Europe, the highly unrealistic expectations about the benefits of government spending cuts are not fully appreciated by the public. It is unlikely that they will result in substantial expansion; to the contrary, potentially they are extremely...

The objective of this paper is to reflect on some of the implications that recent economic experience has for monetary and financial stability policies. We contend that the financial crisis and the upsurge in inflation 2007-08 have shown that the policy model based on the new consensus in...

The paper begins with a critical evaluation of the modelling of the individual supply function of labour in orthodox economics. The varying ways in which the aggregate labour supply curve has been represented in macroeconomics texts is then outlined. A proposal for a simple representation of the...

This brief provides a detailed description of the Stability and Growth Pact, an agreement entered into by the member states of the European Union that has far-reaching implications for the long-run value of the euro, and therefore, on the real economy in terms of output growth and employment....

Central bankers and many economists have abandoned "activist" policies and monetarism and adopted in their place a new view of the role of monetary policy. This view draws on many of the tenets of more traditional theories of money-monetarism's emphasis inflation control and skepticism about the...

In this paper we seek first to set out the economic analysis that underpins the ideas of what has been termed the "third way." The explicit mention of the "third way" is much diminished since the early days of the Blair government in the UK and the Schroeder government in Germany. We argue that...