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During the 1950s and 1960s, research on the prewar British economy was influenced strongly by ideas from Keynesian macroeconomics. It is important to reexamine this period of history, asking to what extent the Keynesian vision offers useful insights into advances in time series analysis as well as developments in macroeconomics to answer this question. They show that a modified Keynesian approach continues to offer useful insights into this period of history. In particular, in the face of wage and price rigidities, shocks to aggregate demand are seen as an important source of fluctuations in real output and unemployment. Furthermore, a rigid attachment to simple rules rather than the exercise of discretion in policy making is seen to have had serious costs in the disturbed environment of the interwar period.

Prices --- Money --- International finance --- History --- Congresses. --- 338 <09> --- 339.7 --- -Money --- -Prices --- -Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Consumption (Economics) --- Cost --- Costs, Industrial --- Cost and standard of living --- Supply and demand --- Value --- Wages --- Willingness to pay --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Finance --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- International monetary system --- International money --- International economic relations --- Economische geschiedenis --- Internationale financien. Buitenlands betalingsverkeer --(z.o {336}) --- -Congresses --- Ford, A. G. --- Great Britain --- Economic conditions --- -Congresses. --- -Economische geschiedenis --- 339.7 Internationale financien. Buitenlands betalingsverkeer --(z.o {336}) --- 338 <09> Economische geschiedenis --- -338 <09> Economische geschiedenis --- Commercial products --- History&delete& --- Congresses --- Ford, Alec George --- Prices - Great Britain - History - Congresses. --- Money - Great Britain - History - Congresses. --- Great Britain - Economic conditions - Congresses. --- International finance - History - Congresses. --- Ford, A. G. (Alec George) --- International finance - History - Congresses --- Argent (monnaie) --- Prix --- Finances internationales --- Histoire --- Ford, Alec George, --- Conditions économiques --- Conditions économiques