Imagining Economic Growth in Post-War Britain

Area of Science:

• Economic History
• Socioeconomic Indicators

Background:

• The "Golden Age" of the British economy (circa 1950-73) is often characterized as a period of failure.
• This prevailing narrative predominantly relies on Gross Domestic Product (GDP) growth as the primary metric.

Purpose of the Study:

• To challenge the singular reliance on GDP growth for evaluating British economic history during the "Golden Age".
• To advocate for a more nuanced, multidimensional approach to assessing economic well-being.

Main Methods:

• Critically examining the limitations of GDP as a measure of economic well-being, referencing foundational criticisms by Simon Kuznets.
• Analyzing historical economic data and policy outcomes from the post-war British economy.

Main Results:

• Measured GDP growth shortfalls in the UK compared to other developed nations during 1950-73 are a poor indicator of actual economic well-being.
• The exclusive focus on GDP growth provides a misleading representation of the period's economic performance.

Conclusions:

• The notion of "failure" in the British "Golden Age" should be reconsidered.
• A multidimensional assessment is essential for a comprehensive understanding of economic well-being and historical economic policy.