Study of the Efficiency of a Small Nation: Belgium
The first question which arises in discussing the influence of the size of the Belgian economy on its efficiency is that of a standard of measurement for efficiency. This question is less simple than it appears. Consumption might be taken as a yardstick, but it cannot be strictly reduced to production, which is another possible yardstick. Production in its turn might be measured in terms of value or of volume and the two indices do not coincide. It is an open question whether production per member of the labour force is a better standard or production per head of the population. The economic value of leisure ought perhaps to be taken into account so as to neutralize the effects of differences in working time. Finally, income distribution might be considered as one of the elements of economic efficiency.
KeywordsDepression Europe Income
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