The Underlying Economic Theory: The Implications for Inflation, Employment and Growth of a Fall in the Share of Output that is Marketed
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
KeywordsPrivate Consumption Full Employment Steady Growth Market Sector Current Account Surplus
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