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By Christopher Johnson (auth.)

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The remain- 45 Personal Income and Saving Table 9. 9. 1 per cent of disposable income. 1 per Measuring the Economy 46 Personal sector Household sector Household Household Household Other Current grants cent of disposable cent of disposable billion cent of disposable cent of disposable Total: £327 billion Wages and salaries cent of disposable cent of disposable cent of disposable billion Wages and salaries Total: £306 billion 5. 9) cent of disposable income. All recent years show a similar disparity.

An adjustment then has to be made to shift the forecast from market prices to factor cost, and from the expenditure to the average estimate, if the two have recently been diverging. Such statistical procedures can sometimes make more difference to a forecast than disagreements about economic fundamentals. Models based on expenditure or demand are often called 'Keynesian', which refers to the structure of the model rather than to any particular theories which it embodies. Attempts have been made to use supply-side models, which are implicitly based on G D P ( 0).

They can then be expressed in volume terms by 'deflating' each year's figures by the increase in prices since a 'base' year. This gives income and expenditure in constant prices, which can then be used to measure changes in volume. Apart from the government's use of money G D P, which is in current prices, G D P changes are usually expressed in constant prices, or in real as opposed to nominal terms. The three measures of G D P are called, for short, GDP(O), G DP(I) and GDP(E), output-, income- and expenditure-based G D P.

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