Output, Inflation and Growth: An Introduction to by D. C. Rowan (auth.)

By D. C. Rowan (auth.)

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Extra resources for Output, Inflation and Growth: An Introduction to Macroeconomics

Sample text

The financial flows by which the saving of households is made available to enterprises does not at present concern us. We merely note that they usually occur through the medium of financial enterprises- such as banks, building societies and finance houseswhich we define as constituting the capital market. 3 sets out the full conceptual framework which we have elaborated. This diagram depicts what is often called the circular flow of income, expenditure and output. If we enter the diagram at the point A, we measure the sum of wages plus profits plus rents that is, national income.

What is the saving of households, enterprises and government? Has the government a surplus or deficit? What is the value of net investment? (d) Finally prepare an account showing transactions with the rest of the world. Is the balance of trade favourable or unfavourable? What is the value of investment overseas? 8. Use the Blue Book to provide data for the national expenditure identity on page 36 for the years 195G-80. What are the average ratios over the period of the following subaggregates to gross national expenditure: (a) (b) (c) (d) (e) consumers' expenditure public authority's current expenditure investment (gross and net) exports imports Do any of the ratios show fluctuations around their average?

The solution adopted is to value such services at the cost of providing them. This cost is, of course, the value of the factor incomes (wages and rents) paid to the persons who provide them. Hence the value of the common services provided by the public sector appears (a) in national expenditure as public sector expenditure on goods and services (b) in national output as the value of the output of common services (c) in national income as the factor incomes generated by their production. In short, once we have agreed to the convention that includes these services in output, we have defined expenditure on them as part of national expenditure and the factor costs of providing them as part of national income.

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