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The Economic Situation: Chapter I. The Home Economy

Published online by Cambridge University Press:  26 March 2020

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Extract

Because of the disturbances caused to the quarterly figures by the dock strike last year and the Ford and postal strikes earlier this year, a more reliable picture of the underlying movement of the various items of expenditure is given by a comparison of the half-yearly totals. This applies especially to stockbuilding which, on this occasion, contains particularly large quarterly movements in the discrepancy between the expenditure estimate of gross domestic product and our own ‘compromise’ estimate. Within the half years, however, these movements probably largely cancel out.

Type
Articles
Information
National Institute Economic Review , Volume 57 , August 1971 , pp. 4 - 20
Copyright
Copyright © 1971 National Institute of Economic and Social Research

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References

Note (1) page 7 Weekly Hansard, no. 868, 19 July 1971, cols. 1037-8.

Note (2) page 7 Note that 1 per cent of the GDP deflator is now equivalent to approximately £425 million per annum. This is the order of magnitude of the reduction in total profits (and other surpluses) which would be caused by a 1 per cent overall price reduction unaccompanied by a wages response.

Note (3) page 7 Otherwise, we should have expected increases around 10 per cent.

Note (1) page 16 National Institute Economic Review, no. 55, pages 52-63.

Note (2) page 16 The industrial forecast this time is made more hazardous than usual by the uncertainties concerning the GDP estimates for the first quarter 1971 (page 4).

Note (3) page 16 The assumptions underlying the forecasts (other than for GDP) are the same as those made in February, National Institute Economic Review, no. 55, page 52

Note (1) page 18 See National Institute Economic Review, no. 55, page 54.

Note (2) page 18 HMSO, Cmnd 4578, January 1971.

Note (1) page 20 See National Institute Economic Review, no. 55, February 1971, pages 60-63, for fuller discussion.