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EMBARGOED 2400 HOURS 29.3.81"NIVERSITY OF CAMBRIDGE

FACULTY OF ECONOMICS AND POLITICS"11.1 LPII 0 NE (02.2) 3:)8944 SIDGWICK AVENUE

CAMBRIDGE CB3 9DD

Statement on Economic Policy

The following statement on economic policy has been signed by 364 universityeconomists in Britain, whose names are given on the attached list:

"We, who are all present or retired members of the economics staffs ofBritish universities, are convinced that:

there is no basis in economic theory or supporting evidence for the Government's belief that by deflating demand they will bring inflation permanently under control and thereby induce an automatic recovery in output and employment;

present policies will deepen the depression, erode the industrial base ofour econonT and threaten its social and political stability;

there are alternative policies; and

the tine has come to reject monetarist policies and consider urgently whichalternative offers the best hope of sustained economic recovery."

Analysis

Those who signed include:

76 present or past professors

a majority of the Chief Economic Advisers to the Government since the war:Professor James Meade, Lord Roberthall, Sir Alec Cairncross, Sir Bryan Hopkinand Sir Fred Atkinson

the President, 9 of the Vice-Presidents, and the Secretary-General of theRoyal Economic Society.

The statement was circulated as university terms were ending. The ratesof response have therefore been influenced by when term ended, by how dispersedis the community of university teachers in the vacation, as well as by the climateof economic opinion in each university.

Origins

The statement was sent by us to one member of each university on 13 March witha covering letter which said:

"We believe that a large number of economists in British universities, whatevertheir politics, think the Governuent's present economic policies to be wrong andthat, for the sake of the country - and the profession - it is time we all spokeup. We have therefore prepared the attached statement, cast in terms which wehope will command wide agreement."

A copy of the letter is attached.

F H Hahn

R R Neild

UNIVERSITY OF CAMBRIDGE

FACULTY OF ECONOMICS AND POLITICSTELEPHONE (0223) 358944 SIDGWICK AVENUE

CAMBRIDGE C133 9DD

13th March, 1981.

Dear Colleague,

We believe that a large number of economists in British universities, what-ever their politics, think the Government's present economic policies to bewrong and that, for the sake of the country - and the profession - it is time weall spoke up. We have therefore prepared the attached statement, cast in termswhich we hope will command wide agreement.

We are sending it to one senior member of each British university. Our planis to circulate the statement with the list of signatories to the Press withinten days.

Will you please bring the statement to the attention of any of your presentor past colleagues whom you think might wish to sign it, taking copies if thatmakes the task easier.

Please send the signed statements back in time to reach us by Monday 23rdMarch. Signatories should be confined to present and past teaching officers andequivalent staff.

Professor F.H. Hahn,

Ae77.

Professor R.R. Neild.

Enc.

Statement on Economic Polic

List of Si natures

Aberdeen Universit Cambrid e Universit

A CairnsProfessor M GaskinA H HarrisA G KempD MurphyA Newlands

Professor D W PearceR Shaw

Bath Universit

Professor D CollardR P KamatMosley

Birmin ham Universit

R E BackhouseR ClarkeG Dickinson

M G KanburProfessor M A King

Bradford University

Sir Fred Atkinson (Professor)E Dunworth

M WilkinsonR D Wilson

Bristol Universit

BeathR BerryA A BrewerBroome

M J BrowningProfessor W H BuiterM ClarkeProfessor A S DeatonM IrishI JewittR LecomberS B ReesC WebbWinterA Winters

T BarkerI BeggBorooah

S BrodersenProfessor G CameronProfessor D ChampernowneCouttsC Craig

F CrippsA DawsonM DeaneL Eatwell

R EvansA GiddensProfessor W A H GodleyA GoudieProfessor F H HahnHumphriesK Ingham

R G JoblingLord Kahn (Professor)Lord Kaldor (Professor)S M KanburM KumarM LandesmannA LawsonProfessor J E MeadeMeeksE MoggridgeMooreMyoken

Professor R R NeildNolan

M H PesaranPeterson

R van der PloegProfessor W B ReddawayRhodes

Sir Austin Robinson (Profes-sor)Professor J RobinsonRuberyRyan

S SmithStarzec

A SutherlandR TarlingS TreitereidTrevithick

Professor H A TurnerT W WardM R WealeR Wells

C WhiteheadF Wilkinson

2

Cardiff, University Colle e

C BaberBarryS Bennett

R Blackmore

T BoynsCurry

Professor K D GeorgeHarbourC Hockley

Professor Sir Bryan HopkinC J McKennaR McNabbMainwaring

S OwenM PhelpsG RhysShoreyR Thomas

Cit University

AnsarBosanquetCookGray

Professor C D HarburyHollR Kirton

T E Tutton

Dundee University

G ChapmanA A LonieC M LyntagM J Tooze

Durham Universit

R A H MiddletonA Winston

Edinbur Universit

M FransnanH R GeorgeT OxleyC Reid

C J RobertsS T SayerProfessor P Vandome

Glas ow Universit

C AbbottB BeaumontG Clark

M W Danson

Glas ow Universit (cont)

FosterProfessor L C HunterC KayL LathamF LeverMaclennan

R G MilneR RadoSirc

Professor A S SkinnerProfessor A Slaven

Hull University

Professor J S G Wilson

Keele University

S A Hussain

Kent Universit

A CarruthM A H KatouzianM T SinclairSmith

Professor A P Thirlwall

Lancaster Universit

W ArmstrongN BalasubramanyamChannon

R W DanielsFenderE King

Professor A I MacbeanC Macgregor-ReidT NguyenOultonJ PayneRegan

M B RoseR RothschildN SnowdenTaylor

Professor H TownsendM Westall

Leeds Universit

Professor A J BrownA ChartresJ RadiceS Rothwell

Professor M J Surrey

3

Leicester Universi

K BhattacharyyaProfessor P M Jackson

London UniversityBirkbeck Colle e

F AtkinsM BallR BennettI BrunskillDaviesFineKennally

Professor J MuellbauerProfessor R PortesR P SmithSnower

A Spanos

Lm rial Colle e (London)

S G HallMotamenShepherd

Professor Z A SilberstonR N StrangeN Turk

London School of Economics

Professor A B AtkinsonProfessor P DasguptaDavidson

C R S DoughertyLe GrandeKlappholz

A MarinProfessor M Morishima Professor S J NickellSutton

Professor P J D Wiles

ueen MA Colle e (London)

R J AllardS Cubbin

Professor B A CurryS E Gravelle

Professor M H Peston

University Colle e (London)

Lord BaloghCorlettCatephores

C HeadyProfessor P D HendersonA Markandya M Pemberton

Universit Colle e (cont)

SchottProfessor 3 SpraosM StewartUlph

R VaughanVerry

Manchester Universit

Professor M J ArtisM CurrieDevine

M C KennedyC H KirkpatrickF Leeson

Professor J S MetcalfT PeachPetersL PurdyB Slater

Professor I SteedmanC Stubbs

M BatesA Ingersent

A N JenningsProfessor J MitchellProfessor J R ParkinsonProfessor A J RaynerV Reed

Professor J H B TewK Whynes

R J Young

Oxford University

BanerjeeBeckerman

C j E BlissProfessor Sir Alec CairncrossA GrahamM C KaserV"JoshiMayhew

A OswaldLord RoberthallRobinsonC Rosewell

Professor A K Sen

National Institute for Economic andSocial Research

S O'Brien

. Newcastle University

A R Shah

Nottin ham University

4

een's Universit (Belfast)

Professor R D G Black

Readin Universit

Professor P E Hart

Sheffield Universit

R ClarkeProfessor G ClaytonJ GoacherKitchin

R LawsonPeirson

S G Tebbutt

Southam ton Universit

C J HawkinsProfessor K HiltonW McKenzie

Professor G E MizonR J O'BrienProfessor D C Rowan

Stirlin Universit

JWNBirdProfessor C V BrownM S CommonEvansGhosh

R T HamiltonG Hare

C NormandR Shone

Strathcl de Universit

R G BrooksProfessor A I Clunies-RossHancockSconllerT Wanless

Sussex University

Professor T BarnaLesley CookHolmesHunt

Professor D Winch

Swansea, Universit Colle e

BaigentDonnekyT Harris

Swansea, Universit Colle e (cont)

C HuntI JeffriesC PetithE L Thomas

Universit of East An lia

BaileyProfessor K N BhaskarW Davies

M DietrichA E B HeadingProfessor H F LydallProfessor A ParikhProfessor A G SchweinbergerT Thoburn

Universit Colle e of North Wales, Ban or

ChakravartyFletcherP Gardener

R H GrayA J HopkinsR R MackayMorrellProfessor J R S Revell

Universit of Wales, Institute of Scienceand Technology

F B AllingtonR Bridger

Professor Glyn DaviesW EvansM Holmes

T W TaylorR Turner

Warwick Universit

BrackBurridge

Professor K CowlingProfessor A G FordM Harrison C G HaydenJ IrelandG KnightJ LawLeech

Professor M MillerS K NathC RenshawI RoundSadler

M SalmonA Snell

Warwick Universit (cent)

Professor N H SternM StewartStonemanA Weller

York University

Austen-SmithR R BarnettBurrows

Professor C H FeinsteinHartleyP HuttonT JenkinsJ LambertM Malcomson

A K MaynardS Poskitt

J W PosnettM SawyerM SolarSucklingB Stafford

R B WeirProfessor A Williams

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