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The Balance of Payments and the National Economy

In: Balance-of-Payments Theory and the United Kingdom Experience

Author

Listed:
  • A. P. Thirlwall

    (University of Kent)

  • Heather D. Gibson

    (University of Kent)

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.

Suggested Citation

  • A. P. Thirlwall & Heather D. Gibson, 1992. "The Balance of Payments and the National Economy," Palgrave Macmillan Books, in: Balance-of-Payments Theory and the United Kingdom Experience, edition 0, chapter 4, pages 129-154, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-21806-6_4
    DOI: 10.1007/978-1-349-21806-6_4
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    Cited by:

    1. Salvatore D'Acunto & Sergio Destefanis & Marco Musella, 2004. "Exports, Supply Constraints and Growth: An Investigation using Regional Data," International Review of Applied Economics, Taylor & Francis Journals, vol. 18(2), pages 167-189.

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