Full text: Study week on the econometric approach to development planning

lete matrix for our base year, 1960, is given in detail in [8]; 
a summary version for 1962, showing the totals within each 
class, is given in table I below. 
For obvious statistical convenience we have keyed in our 
main totals to the official estimates of national income and 
expenditure [48]. At certain points, however, we have de- 
parted from the treatment followed in these estimates. The 
most important difference lies in the fact that we define con- 
sumers’ durables not as consumption goods but as fixed assets. 
This means that in our treatment these goods are bought on 
capital account and their consumption is measured by depre- 
ciation. Nevertheless, our estimates of total private consump- 
tion plus net investment in consumers’ durables are equal to 
the official estimates of consumers’ expenditure. 
As can be seen from table 1, the accounts in SAM are 
simply a logical development of the four national accounts [42], 
and can easily be reduced back to them by appropriate con- 
solidation. The use of fifteen classes of accounts instead of 
four is largely dictated by the need to reconcile different clas- 
sifications. This can be illustrated by considering the four 
classes which appear as the first four rows and columns in 
table 1 and which, taken together, constitute the national ac- 
count for production. 
Class I relates to commodities, that is to say products or 
groups of products which are characteristic of British industries. 
The entries in column 1 show the sources of these commodities: 
£44,272 million come from British production and £2,458 
million, to which must be added £134 million of customs duties, 
come from abroad in the form of competitive imports. The 
entries in row I show the uses to which these commodities are 
put: £20,943 million go to industries as intermediate product; 
£13,249 million go to private consumers; £1,761 million go 
to public consumers; and so on until, as can be seen from the 
entry in column 15, £5,128 million go to the rest of the world 
,1] Stone - pag. 35

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