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Chapter II. Medium-Term Policy Options

Published online by Cambridge University Press:  26 March 2020

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Extract

In a special article in this Review (pp. 41–58), S. A. B. Page sets out estimates of various aspects of the production and economic value of North Sea oil and gas. In this chapter we consider some of the policy options which are opened up for the next four years in the light of the development of the North Sea resources.

Type
Articles
Information
National Institute Economic Review , Volume 82 , November 1977 , pp. 20 - 25
Copyright
Copyright © 1977 National Institute of Economic and Social Research

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References

Notes

note (1) in page 20 The full details of the calculations are available in an unpublished NIESR paper by A. J. H. Dean on ‘North Sea oil and the UK growth rate’. Because oil is valued at the world price (exclusive of UK indirect taxes), these figures are closer to a factor cost than to a market price concept of GDP.

note (1) in page 21 Effects of UK direct investment overseas. An interim report, University of Cambridge, Department of Applied Economics, Occasional Paper No. 12.

note (1) in page 22 The worsened terms of trade, however, mean that real national income (as opposed to output) is somewhat lower.

note (1) in page 23 See D. Savage, A comparison of accelerator models of manufacturing investment, National Institute Discussion Paper no. 9, 1977.

note (1) in page 25 In some short-term comparisons made in May this year, we made an explicit allowance for these factors.