Output, Inflation and Growth: An Introduction to by D. C. Rowan (auth.)

By D. C. Rowan (auth.)

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16. 'The essence of science consists in specifying the range of error of a prediction. ' Consider these statements carefully. 17. To many philosophers the distinction between positive and normative economics made in this chapter is unacceptable. Can you think of reasons why the distinction might break down? 18. ' Are either of these arguments scientific? Suggested reading M. Friedman, Essays in Positive Economics (Chicago University Press, 1953) ch. 1. *T. W. Hutchinson, The Significance and Basic Postulates of Economic Theory (Macmillan, 1938).

3). Before we do this, however, we need to make an adjustment due to the fact that in some countries, of which the UK is one, a part of the income received by households is derived from the ownership of property overseas. Analogously some property in the UK is owned by foreigners, and hence the income arising out of its productive services is paid to overseas residents. We thus have an item: net income from abroad income receipts from abroad income payments to abroad Clearly this item is part of national income.

If we measure the flow of goods and services from enterprises to the market, we obtain the value of national output. If we measure the flow of expenditure, 1 we obtain the value of national expenditure. These two totals are equal by definition. 2, for it shows where households obtain the incomes they spend on consumption and where enterprises obtain the resources they devote to investment. These two problems can now be explained more fully. The factors of production used by enterprises are owned by the individuals who constitute households.

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