Abstract
The fundamental ways in which extra-rapid growth of non-market expenditure cause difficulties for an economy will be explained in this chapter. The full implications of the argument, which applies to Britain particularly sharply, will then be set out.
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Notes
See, for instance, OECD, National Accounts, 1962–73.
Cedric Sandford and Ann Robinson, ‘Public Spending — a feature’, The Banker, November 1975, pp. 1241–55.
See Peter Mieszkowski, ‘Tax Incidence Theory: the Effects of Taxes on the Distribution of Income’, Journal of Economic Literature vol. VII, December 1969, for a survey of the evidence.
David Smith, ‘Public Consumption and Economic Performance’, National Westminster Bank Quarterly Review, November 1975.
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© 1978 Robert Bacon and Walter Eltis
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Bacon, R., Eltis, W. (1978). The Fundamental Problem. In: Britain’s Economic Problem: Too Few Producers. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-15863-8_4
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DOI: https://doi.org/10.1007/978-1-349-15863-8_4
Publisher Name: Palgrave Macmillan, London
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Online ISBN: 978-1-349-15863-8
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