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Where did it all go wrong for George Osborne?

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Abstract:

It is the Coalition government's policies that are causing economic stagnation, not the wider economic crisis. Under the previous Labour government, the British economy had been expanding moderately following the financial crisis, with recovery being led by public sector expansion which created the confidence for a subsequent private sector expansion. When the Coalition government took office, this policy was reversed, and private sector spending soon followed the downward curve of public sector spending. Far from government spending 'crowding out' the private sector, the opposite is in fact the case: increased government investment 'crowds in' private investment.

Keywords: FINANCIAL CRISIS; PRIVATE SECTOR INVESTMENT; PUBLIC SECTOR INVESTMENT

Document Type: Research Article

DOI: http://dx.doi.org/10.3898/136266211798411237

Publication date: November 24, 2011

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