Macroeconomics: An Introductory Text by John Evans-Pritchard B.Sc. Econ (auth.)

By John Evans-Pritchard B.Sc. Econ (auth.)

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But the forecast life is only an estimate. _L_. l_ _L_ _L_ _ J_ _J} 0 2 3 4 5 Years 6 7 8 9 10 '"" "'"' 32 Macroeconomics welding machine with an estimated life of ten years, may be obsolete in three years, or it may still be going strong in fifteen years. Overall, with different machines and firms these miscalculations will tend to cancel each other out. In times of growth and rapid expansion, however, the speed of obsolescence is likely to be much faster, and, with heavier use, the mechanical deterioration will be greater.

7 Summary The national income statistics provide us with a record of what has been produced in the country over the year. They also give us a detailed breakdown on how that production was created, who was paid for producing it and who bought it. In correcting the statistics so that we can use them as we want to, they also provide us with information about tax levels, inflation, balance of payments, and so on. The quantity and severity of dangers and corrections necessary also warn us against accepting these statistics too readily.

The income is only recorded as being spent once so there is no double counting. The figure for consumers' expenditure will also include the valuation of income in kind and imputed rent for owner-occupied dwellings, to balance the fact that they have been included in the other methods. General government final consumption This refers to current expenditure by the government on such items as teachers' and nurses' wages, maintenance of existing road systems, heating and lighting in government offices.

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