Chapter 9Economic Policy:I Macroeconomics

The UK, in common with all modern countries, delegates to its government certain powers which influence many aspects of economic life. We shall examine in this and the next chapter the main reasons why this is so, referring in the process to some of the ways in which the British Government tries to exercise control over the economy. The reader should be warned in advance that this is the most controversial part of the book. Economists differ from each other in their policy recommendations for several reasons. They have different views on how the economy works, largely because the evidence is capable of varied interpretations. They disagree about the most efficient policy instruments that can be used to ...

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