The Balance of Payments and the National Economy

Anthony Thirlwall and Heather Gibson

Chapter 4 in Balance-of-Payments Theory and the United Kingdom Experience, 1992, pp 129-154 from Palgrave Macmillan

Abstract: Abstract In a closed economy with government activity there are three types of expenditure which generate income — private consumption, private investment and government expenditure — and three ways in which income may be disposed of — by consumption, saving and tax payments. In a closed economy total expenditure can fall short of income but cannot exceed it.

Keywords: Full Employment; Marginal Propensity; Monetary Approach; Currency Depreciation; Elasticity Approach (search for similar items in EconPapers)
Date: 1992
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Chapter: The Balance of Payments and the National Economy (1986)
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DOI: 10.1007/978-1-349-21806-6_4

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