Lawson Doctrine
E507440
The Lawson Doctrine is an economic policy principle associated with former UK Chancellor Nigel Lawson, emphasizing the importance of controlling inflation through monetary policy while allowing market forces greater freedom in shaping the economy.
Statements (29)
| Predicate | Object |
|---|---|
| instanceOf |
economic policy principle
ⓘ
monetary policy doctrine ⓘ |
| advocates |
liberalization of markets
ⓘ
reduced state intervention in the economy ⓘ |
| appliedDuring | Nigel Lawson’s tenure as Chancellor of the Exchequer ⓘ |
| associatedWith | Nigel Lawson NERFINISHED ⓘ |
| contrastsWith | high levels of direct government economic management ⓘ |
| country | United Kingdom ⓘ |
| emphasizes |
importance of monetary policy for inflation control
ⓘ
monetary policy as primary tool for macroeconomic stabilization ⓘ |
| focusesOn | controlling inflation ⓘ |
| goal |
greater role for market mechanisms in resource allocation
ⓘ
low and stable inflation ⓘ |
| historicalContext | post-1970s high inflation in the UK ⓘ |
| implementedInContextOf | Conservative government economic reforms in the 1980s ⓘ |
| influenced | subsequent UK discussions on monetary versus fiscal dominance in policy ⓘ |
| influencedBy |
Thatcherism
NERFINISHED
ⓘ
monetarism in the UK ⓘ |
| linkedToDebate |
extent of deregulation in financial and product markets
ⓘ
trade-off between inflation and unemployment ⓘ |
| policyInstrument |
control of money supply
ⓘ
interest rate policy ⓘ |
| policyScope |
inflation targeting in practice, though not always formally named as such
ⓘ
macroeconomic stabilization ⓘ |
| relatedTo |
free-market economics
ⓘ
monetarist economic ideas ⓘ |
| supports | greater freedom for market forces ⓘ |
| timePeriod | 1980s ⓘ |
| viewsStateRoleAs | setting monetary framework rather than directing markets ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.