The Underlying Economic Theory: The Implications for Inflation, Employment and Growth of a Fall in the Share of Output that is Marketed

  • Robert Bacon
  • Walter Eltis


In 1974–5 the present authors,1 and economists in the Cambridge University Department of Applied Economics,2 and Mr Benn and those associated with him3 all drew attention to various aspects of the de-industrialisation that Britain has experienced and is experiencing. In addition Professor J. Johnston set out some of the implications of a shift in employment from industry to the provision of unmarketed public services in a most interesting model.4


Private Consumption Full Employment Steady Growth Market Sector Current Account Surplus 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. 20.
    L. L. Pasinetti, Growth and Income Distribution, Cambridge University Press, 1974, pp. 133–4.Google Scholar
  2. 24.
    Joan Robinson, The Accumulation of Capital Macmillan, 1956, p. 48.Google Scholar
  3. 25.
    See M. Kalecki, ‘The principle of increasing risk’, Essays in the Theory of Economic Fluctuations, London, 1939.Google Scholar
  4. 28.
    N. Kaldor, Causes of the Slow Rate of Growth of the United Kingdom (inaugural lecture), Cambridge University Press, 1966.Google Scholar

Copyright information

© Robert Bacon and Walter Eltis 1996

Authors and Affiliations

  • Robert Bacon
  • Walter Eltis

There are no affiliations available

Personalised recommendations