An industry where the value of output is less than that of purchased inputs, so that value added is negative. This situation can arise in two ways: the industry concerned may be heavily subsidized, either by the government or by cross-subsidization from profitable parts of the same firms; alternatively, value subtraction may be apparent only if inputs and outputs are valued at prices other than those actually prevailing. In many former planned economies, for example, parts of state-owned industries were value-subtracting if inputs and outputs were valued at world prices.

• excise duty
• exclusion
• exclusive dealing
• ex dividend
• executive, chief
• exercise price
• exhaustible resources
• Eximbank
• exit
• exit, freedom of
• exit price
• exogenous expectations
• expectations
• expectations-augmented Phillips curve
• expectations, model-consistent
• expected inflation
• expected utility
• expected value
• expenditure
• expenditure-based deflator
• expenditure changing
• expenditure method
• expenditure, public
• expenditure switching
• expenditure tax