First published in 1987. This fascinating study provides an understanding of the failings of the post-war era of active macroeconomic policy-making, and only by a better comprehension of past failings can we hope to provide the successful policies for the present and future. The book takes as its primary bench mark an analysis of Keynes’s conception of the wages problem at or near full employment in The General Theory of Employment, Interest and Money. It then depicts the developments in official thinking and policy with regard to this problem as the confidence in Keynesian principles waxed and waned over the period.
Foreword Sir Alec Cairncross; Acknowledgements; 1. Introduction 2. The General Theory, the Treasury and the Wages Problem 1936-9 3. The Control of Wartime Inflation and the 1944 White Paper on Employment Policy 4. Wages Policy and the Attlee Governments 5. Thirteen Years of Tory Economic Policy 6. The Wilson Governments 1964-70 7. Mr Heath. Incomes Policy and the Miners 1970-74 8. Labour and the Social Contract 1974-9 9. The Era of Thatcherism 1979- 10. Conclusions; Notes; Select Bibliography; Index