Collapse of Balance-of-Payments Surplus Predicted

Lord Robbins
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Lord Robbins: The London School of Economics

Chapter 9 in Against Inflation, 1979, pp 41-45 from Palgrave Macmillan

Abstract: Abstract My Lords, it seems to me that there can be considerable debate among serious-minded people about the quantitative implications of the recommendations of the Committee of the noble and learned Lord, Lord Wilberforce. Are we to take the: 10.9 per cent, which has been quoted in Government circles, as a proper measure of the increase, or are we to assume, as has been assumed from time to time in the discussion this afternoon, that it was a substantially higher figure? Personally, I am inclined to the latter view. I find it difficult to believe that the so-called lead-in productivity incentives are to be ignored when we are trying to estimate the net effect on aggregate expenditure in relation to output of what was recommended. I therefore tend to think (and I regret to say it) that the award in fact somewhat increases inflationary pressures.

Keywords: Purchasing Power; Inflationary Pressure; Aggregate Expenditure; Income Policy; Government Circle (search for similar items in EconPapers)
Date: 1979
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DOI: 10.1007/978-1-349-04478-8_9

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