Output and Capacity

Abstract

We have now defined a set of accounting concepts in terms of which we can describe, in a systematic and unambiguous way, the behaviour of the United Kingdom economy. To do this we had to spend some time and effort in looking at purely accounting problems. There is therefore a risk that in concentrating on the development of a conceptual framework we have lost sight of our main objective. Accordingly this is a good point at which, before looking at the behaviour of the United Kingdom economy in Chapter 6, to take stock of what we have learned.