In the last issue of ECONOMIC REVIEW (Vol. 28, No. 1) I discussed some measures by which the performance of an economy may be judged. The main focus of this was on how we can monitor the progress of an economy through time, and on the sorts of indicators that would reflect the success (or lack of success) of macroeconomic policies. Thus the main focus was on economic growth, inflation and unemployment — with some mention of the balance of payments.
Some attempt was made to compare the performance of the UK with that of other developed nations in terms of economic growth. This was important, as it revealed that the recession that hit the UK in 2008–09 also affected Germany, Japan and the USA in the same period, suggesting that blame for the recession could not be placed entirely at the door of the British government.
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