The Fundamental Problem

  • Robert Bacon
  • Walter Eltis


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.


Money Supply Public Spending Technical Progress Private Consumption Market Sector 
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  1. 12.
    Cf. Joan Robinson, ‘Ricardo existed at a particular point when English history was going round a corner so sharply that the progressive and the reactionary positions changed places in a generation.’ Collected Economic Papers, vol. IV, Blackwell, 1973, p. 267.Google Scholar

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© Robert Bacon and Walter Eltis 1996

Authors and Affiliations

  • Robert Bacon
  • Walter Eltis

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