The rising cost of weapon technology does not mean that defense costs (d) necessarily rise as a proportion of gross domestic product (GDP; the sum of all expenditures made in one year).
In other words, profits are expected to rise as a proportion of GDP.But how likely is that, when corporate profits are already nearer their peak proportion of GDP in the last 50 years?
As long as the debt doesn't rise as a proportion of national product (and by that measure it's been falling now for several years), the important issue isn't how large it is in absolute dollars but what the borrowed money is used for.
Regardless of specific countries reducing their dependence on aid, which is the objective all countries should be striving for, spending on global public goods by rich countries – and eventually by all countries – should continue to rise as a proportion of our national income, as an evolving world order needs money to run effectively, safely, and sustainably.
If more doctors, nurses and ancillary workers are to be recruited, pay will almost certainly rise as a proportion of NHS spending.The government's pledge that it will reduce waiting lists in England by 100,000 by the end of the parliament will also have to be met even if many now regard it as a distraction.
In both countries, their bond yields are higher than that level, making the debt dynamics very difficult; without sizable primary budget surpluses (i.e. before interest payments), debt will tend to rise as a proportion of GDP.To go back to my oft-stated dilemma, if you can't grow your way out of a debt crisis, you must inflate the debt away or default.
Trade within the euro area is rising as a proportion of those countries' GDP.
As he admitted, government borrowing is now forecast to keep rising as a proportion of GDP all the way till 2016.
Internet sales rose as a proportion of the nation's retail sales in the second quarter compared with the period last year, government figures show.
British economists debate when the chancellor will manage to move from a position where public debt is always rising as a proportion of our national output to one where at last it starts to fall.
Although we do not know the exact amounts, the best estimate is that cash and vouchers together have risen as a proportion of total humanitarian spending today from less than 1% in 2004 to about 6% today.
