‘Total’ Balance-of-Payments and ‘Social’ Income Effects: the Results

Abstract

The findings of our studies on the ‘total’ balance-of-payments and ‘social’ income effects are presented in the order in which the alternative positions were described in the preceding chapter. The first section deals with the results of Alternative I, the Little — Mirrlees (LM) model, which forms the core of the work done to quantify the ‘total’ effects; the second deals with the results of Alternative II, ‘financial’ replacement; and the third deals with those of Alternative III, ‘most likely’ local replacement.