And difficult times, when the sector had to adjust to Britain’s accession into the EEC, the constant restructuring of co-operatives, the removal of subsidies in the mid-1980s, and periods of exchange rate pressure that were not necessarily accompanied by strong underlying commodity prices.
Typically, we think of dynamism in terms of those segments of the economy--usually industries and sometimes occupations--where output or employment are growing rapidly. But output and employment growth are not the only criteria for dynamism. Rapid increases in what economists call "intangible capital" are another characteristic of dynamic firms.