THE NATIONAL INSTITUTE OF ECONOMIC AND
SOCIAL RESEARCH

OFFICERS OF THE INSTITUTE

PRESIDENT
THE RT. HON. LORD FRANKS, G.C.M.G., K.C.B., C.B.E., F.B.A.

COUNCIL OF MANAGEMENT

SIR ROBERT HALL* ( CHAIRMAN)

PROFESSOR G. C. ALLEN SIR JEREMY RAISMAN
PROFESSOR R. G. D. ALLEN W. B. REDDAWAY*
DUNCAN BURN* THE RT. HON. LORD ROBBINS
A. K. CAIRNCROSS PROFESSOR E. A. G. ROBINSON*
S. P. CHAMBERS* SIR ROBERT SHONE*
SIR GEOFFREY CROWTHER THE HON. MAXWELL STAMP*
PROFESSOR E. DEVONS* PROFESSOR RICHARD STONE
THE RT. HON. LORD FRANKS* D. TYERMAN*
PROFESSOR SIR JOHN HICKS H. T. WEEKS*
E. F. JACKSON* THE BARONESS WOOTTON OF
PROFESSOR R. G. LIPSEY* ABINGER

THE DIRECTOR*

* Members of the Executive Committee

DIRECTOR
G. D. N. WORSWICK

SECRETARY
MRS A. K. JACKSON

2 DEAN TRENCH STREET, SMITH SQUARE
LONDON, S.W. 1

The National Institute of Economic and Social Research is an independent, non-profit-
making body, founded in 1938. It has as its aim the promotion of realistic research, particu-
larly in the field of economics. It conducts research by its own research staff and in co-
operation with the universities and other academic bodies. The results of the work done
under the Institute's auspices are published in several series, and a list of its publications
up to the present time will be found at the end of this volume.

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