Commentary: The Economic Landscape of the UK

In a pioneering venture, Christopher Dow at the National Institute of Economic and Social Research helped establish the concept of demand management as the key objective of economic policy. He showed in his 1964 work that although demand management had prevented “the heavy unemployment that accompanied the pre-war trade cycle”, the price paid was that of excessive year-to-year fluctuations resulting from policies that ultimately became known as ‘Stop–Go’.