Income Shifts and the Recession A Rejoinder IN his comment (August 31, 1968, pp 1341) an my article, (Income Shifts as a Factor in the Recession, Economic and Political Weekly, July 27, pp 1183-1187), Samuel Paul makes three points: First, that the Government's proportionate share in national income has not fallen; secondly, that the decline in private investment is due to the lower return now available on such investment; and thirdly, that agriculture has not been a source of the decline in demand for industrial goods. I take up these points below.