How Much Has
Production Increased?
Can you say what the output or production of goods and consumption of same are in England today? Are they ten times what they were in 1925? Money is now ten times that of 1925 and prices are up ten times. After all it is the products we get for money.
W. Popplewell
Cheshire.
Reply
Prices were falling from 1925 to 1938 and have been rising continuously since then. The current retail price level is about ten times the level of 1925. (About eleven times the level of 1938).
Official estimates of the “gross national product” give a figure for 1976 about twenty-five times what it was in 1925; but most of this is merely a reflection of higher prices, not a real increase. In real terms GNP may be about three times what it was in 1925. Against this has to be set the fact that the population of the United Kingdom has increased from 45 million in 1925 to 56 million.
Editors.
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