Abstract
The article examines the factors which have modified the operation of the business cycle in the post-war period and analyses the extent to which the experience of high levels of demand and employment has been due to accidental and temporary circumstances, to permanent changes in the structure and behaviour of the economy, or to improvements in economic policy. The author first characterizes the post-war record in statistical terms and sets it in historical perspective. The factors that have contributed to high levels of European demand are then described, distinguishing between temporary and more permanent changes. Finally, the changed role of government is analysed in detail.
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