By Robert Bacon, W.A. Eltis
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Extra resources for Britain’s Economic Problem: Too Few Producers
10. See M. Friedman, 'The role of monetary policy', American Economic Review, vol. LVIII, March 1968. 11. Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations (1776) II 3. 12. J. Johnston, 'A macro-model of inflation', Economic journal, vol. 85, June 1975. 13. This propostion has been tested by J. Johnston and M. Timbrell ('Empirical tests of a bargaining theory of wage rate determination', The Manchester School of Economics and Social Studies, 41 June 1973). Cf. also, Dudley Jackson, H.
In addition, loss-making firms in the public and private sectors have been taking more out of the economy's pool of marketed output than they have been putting into it. Finally, pensioners and all those who receive money from the government are entitled to consume marketed output and produce none. Chart 12 shows that in 1961 the entitlement to buy marketed output by those who did not produce it directly was 41Y2 per cent (before tax). By 1975 the entitlement of those who did not produce marketed output had risen to 62 per cent, so on a pre-tax basis 20Y2 per cent less remained for those who actually produced the economy's entire marketed output.
The deterioration occurred in the following way. Industrial production must supply the entire investment needs of the nation, and a very high fraction of its consumption; for durable consumer goods like cars, television sets and so on, clothing, and even quite a high proportion of what workers nowadays spend on food, have to be provided by British or foreign industry. In addition to this, a country like Britain that needs to import a high fraction of its food and raw material requirements must export more industrial products than it imports.