SEMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIOUE ETC.
JY
as British exports. In our complete matrix, class I contains
at present thirty-one commodities.
Class 2 relates to the productive activity of the thirty-one
industries which produce these commodities. It can be seen
from row 2 that the whole output of these industries, £44,272
million, flows into class 1. The cost of producing this output
is shown in column 2, thus: nearly half the total cost, £20,943
million, relates to the intermediate inputs, namely raw mat-
erials, semi-finished products and fuels, absorbed in produc-
tion; £638 million represent indirect taxes (less subsidies),
which we charge direct to industries; £18,855 million represent
factor incomes, namely wages, profits etc., paid out by the
industries; £1,786 million represent depreciation, of which
£1,200 million correspond to the value of assets estimated to
have been scrapped during the year and the balance, £586
million, is available to finance extensions, that is additions to
the stock of assets; - £136 million is not a real entry, but cor-
responds to the residual error which appears in the official
accounts; finally, £2,186 million represent complementary im-
ports, that is to say imports of products which are either not
produced in Britain, like crude oil and raw cotton, or pro-
duced there in relatively small quantities, like raw wool.
We have adopted this distinction between commodities and
industries because there is not a one-to-one correspondence be-
tween the two concepts. Most of our basic data make use of
the distinction and so it is convenient to follow it in setting out
these data, although for input-output analysis we get rid of
it and make use of a table which shows the commodities needed
to produce commodities, as is explained in detail in [9].
Class 3 relates to consumers’ goods and services, or private
consumption. These goods and services are classified in SAM
under forty headings, corresponding broadly to a shopping
list. In this form they lend themselves better to demand analy-
sis, but they still have to be related to products in the industrial
classification: again, there is no one-to-one correspondence
1 | Stone - pag.
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