Output and Capacity

Abstract

We have now defined a set of accounting concepts in terms of which we can describe, in a systematic and unambiguous way, the behaviour of the UK economy. To do this we had to spend some time and effort in looking at purely accounting problems. There is therefore a risk that in concentrating on the development of a conceptual framework we have lost sight of our main objective. Accordingly this is a good point at which, before looking at the behaviour of the UK economy in Chapter 6, to take stock of what we have learned.