Chapter 7The Determination ofThe National Income
In Chapter 6 we explored the national income from a largely descriptive point of view. We discovered something about the meaning and measurement of the national income and we obtained an idea of the trends and fluctuations that have charted its course in the UK in recent years. We have not yet asked, however, why the national income reached its particular level. Our objective now is to answer this question — to see how national income is determined.
The task before us is a formidable one and we shall devote this and the next chapter to it. Its difficulty arises chiefly from the fact that we cannot reach simple conclusions about income determination without dealing at the same time with other important ...
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