By Keith Cuthbertson
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Additional info for Macroeconomic Policy: The New Cambridge, Keynesian and Monetarist Controversies
The causal mechanisms underlying this result are as follows. 8), of this £400m. increase in government expenditure at market prices, £40m. g. ) and £120m. consists of importetl materials. K. e. 1), where imports and indirect taxes appear with a negative sign. 14». 3» at market prices. This increase in consumption (net of its import and indirect-tax content) leads to further increases in output and employment in the consumergoods industries. Output reaches its long-run equilibrium value of +£400m.
14) Variations in real personal (wage) income are determined by variations in real wages per employee W/P and the level of employment EMP. We have already discussed the determinants of employment and later we examine the behaviour of real wages. 14) separate. 15) We can easily obtain the result that the share of profits in total income (or output) varies inversely with the share of wages. 16) where PFI(P x Y) is the share of profits in total income and (W x EMP)/(P x Y) is the share of wages in total income.
An Overview 17 was reduced to 10 per cent in April 1965 and abolished in November 1966. Over the period November 1968 to December 1970 a very small tariff, in the form of the import deposit scheme, was operative. K. K. prices to rise faster than world prices. 3 per cent against the dollar in November 1967 and this accounts for the improvement in competitiveness in 1967-8. This improvement in competitiveness was gradually eroded over the period 1969-72. In June 1972 sterling was allowed to float against other currencies but it was not a free float; the authorities still intervened in the foreign-exchange market to influence the rate.
Macroeconomic Policy: The New Cambridge, Keynesian and Monetarist Controversies by Keith Cuthbertson