The long run economic consequences of Mrs Thatcher
Thatcher’s economic legacy is represented by a distinctive rupture with the past in terms of the framework within which economic policy is designed. Thatcherism was a counter-revolution to the post-war Keynesian revolution. Whilst this framework has evolved post Thatcher there has not yet been a further counter-revolution that has returned economic policy making to its pre-Thatcher ways. Moreover, Thatcherism paid greater attention to micro-economic details of policy which had been absent from most Keynesian discussions.
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