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The Enterprise Economy PDF

188 Pages·1992·15.029 MB·English
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The Enterprise EconoIllY ECONOMICS TODAY Edited by Andrew Leake The Economics Today series surveys contemporary headline topics in applied economics. Each book in the series is written by an expert in the field in a style that is fluently readable. It serves the student of introductory economic principles while also making the subject accessible to a more general reader. The series embraces the problem-solving skills of the new generation of students and stresses the importance of real-world issues and the significance of economic ideas. Published Andrew Leake: The Economic Question Jean-Louis Barsoux and Peter Lawrence: The Challenge of British Management Andy Beharrell: Unemployment and Job Creation Frank Burchill: Labour Relations Kenneth Durham: The New City S. F. Goodman: The European Community Jenny Wales: Investigating Social Issues John Wigley and Carol Lipman: The Enterprise Economy Margaret Wilkinson: Taxation Series Standing Order If you would like to receive future titles in this series as they are published, you can make use of our standing order facility. To place a standing order please contact your bookseller or, in case of difficulty, write to us at the address below with your name and address and the name of the series. Please state with which title you wish to begin your standing order. (If you live outside the UK we may not have the rights for your area, in which case we will forward your order to the publisher concerned. ) Standing Order Service, Macmillan Distribution Ltd, Houndmills, Basingstoke, Hampshire, RG21 2XS, England. THE ENTERPRISE ECONOMY John Wigley and Carol Lipman M MACMILLAN © John Wigley and Carol Lipman 1992 All rights reserved. No reproduction, copy or transmission of this publication may bc made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published 1992 by THE MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 2XS and London Companies and representatives throughout the world ISBN 978-0-333-56309-0 ISBN 978-1-349-22037-3 (eBook) DOI 10.1007/978-1-349-22037-3 A catalogue record for this book is available from the British Library Typeset by TecSet Ltd, Wallington, Surrey Contents List of Tables and Figures viii Acknowledgements xi 1 Can Enterprise Cure the British Disease? 1 The Sick Man of Europe 1 How Sick? 3 Relatively Sick 6 Doctors Differ 7 2 What is the Function of the Entrepreneur? 13 Enterprise and Profit in Economic Theory 13 Entrepreneurs in Economic History 21 1880s and 1980s 24 3 Does Capitalism Compete with Morality? 29 The Classical Economists 29 The Dismal Science 35 The Classical Revival 37 Mrs Thatcher 39 vi Contents 4 Did the British Economy Grow in the 1980s? 44 J.B. Say versus J.M. Keynes 44 J.M.Keynes versus M. Friedman 48 Economic Experiment? 50 Economic Miracle? 53 Supply Constraints 61 5 Is Britain a Free Market Economy? 66 The Market and the Price Mechanism 66 Competition and the EC 71 Factor Markets 75 6 Has the British Government Encouraged Enterprise? 83 Private Enterprise 83 Small Firms Policy 85 Lord Young 90 Training and Enterprise 94 7 Do Plans and Regulations Stifle Enterprise? 98 Political and Economic Planning 98 Regional Planning and Policy 102 Enterprise Zones and Urban Development Corporations 105 Deregulation 109 8 How Do Taxes and Subsidies Influence Enterprise? 116 Taxation in Theory 116 Taxation and Politics 121 Fiscal Neutrality and Tax Shelters 128 Contents vii 9 Can Government be Enterprising? 133 Motivation and the Market 133 Nationalisation and Privatisation 137 Central Government and Local Government 141 Education 143 Health 146 10 Enterprise: Culture or Vulture? 151 Hearts and Minds 151 Wake Up Britain 156 Winners and Losers 160 Index 169 List of Tables and Figures Tables 1.1 Government Receipts and Expenditure in Relation to Economic Growth Rates 10 1.2 Social Welfare Expenditure as a Percentage of GDP in 1981 10 2.1 Average Percentage Growth in GDP Per Annum, 1945-73 27 4.1 UK Output and Productivity, 1951-89 59 7.1 Percentage Net Change in Businesses Registered for VAT, by Region, excluding N. Ireland 106 7.2 Urban Development Corporations, 1990 110 8.1 Marginal Tax Rates and Social Security Benefits 125 8.2 Average Gains at Different Levels of Household Income, 1979-89 127 10.1 Distribution of Employment by Establishment Size, 1981 (%) 158 Figures 1.1 Industrial Output, 1979-85 8 2.1 An Entrepreneur and His/Her Firm Equating Marginal Cost to Marginal Revenue 15 viii List of Tables and Figures ix 2.2 An Entrepreneur and His/Her Firm Adjust Output in Response to Exogenous Changes in Marginal Cost and Marginal Revenue 16 2.3 A Perfectly Competitive Firm Making Super-Normal Profit 19 2.4 Normal Profit 20 2.5 Sub-Normal Profit 20 3.1 A Perfectly Competitive Firm in Short-Term Equilibrium, Making Super-Normal Profit 32 3.2 A Perfectly Competitive Firm in Long-Term Equilibrium, Making Normal Profit 32 3.3 The Entry of New Firms into a Perfectly Competitive Industry 33 3.4 Long-Term Equilibrium in a Perfectly Competitive Industry 34 3.5 Long-Term Equilibrium in a Monopolised Industry 34 4.1 The Interaction of Total Demand and Total Supply 47 4.2 The Phillips Curve 47 4.3 Monetarist Short-Run Total Supply Curve 49 4.4 Monetarist Long-Run Phillips Curve 49 4.5 Nominal Interest Rates and the Sterling Exchange Rate, 1979-90 54 4.6 Inflation and Unemployment, 1979-90 54 4.7 Government Expenditure, 1965-90 55 4.8 Ratio of UK Exports to Imports, 1975-90 (£bn) 56 4.9 UK Current Account Balance, 1975-90 (£bn) 57 4.10 UK Real Interest Rates, 1975-90 58 4.11 UK Manufacturing Investment as a Percentage of GOP, 1975-90 58 4.12 Unit Labour Costs in Manufacturing, 1980--91 60 4.13 Inflation, Outstanding Consumer Credit, Savings, 1979-89 61 4.14 Composition of Consumer Debt, 1980--9 62 4.15 Current Account and National Income 63 4.16 UK Manufacturing Output, 1979-90 64 5.1 Supply and Demand Diagrams 67 5.2 The Common Agricultural Policy 74 5.3 The Labour Market 76 7.1 Assisted Areas, 1984 103

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