Value and Income in the National Accounts and Economic Theory
AbstractNational accounting concepts of value and income differ from their economic theoretic counterparts in two respects. Firstly, they are more precise in order to give concrete guidelines for measurement, e.g., with respect to the concept of capital formation and the treatment of taxes. Secondly, they are fundamentally different. Valuation in the national accounts is not forward-looking and not based on a notion of perfect competition. Similarly, concepts of income in the national accounts are not measures of net return to wealth or welfare and they do not intend to show income as a reward for some specific factors of production. The national accounts concepts of value and income are descriptive concepts that can only be well understood in view of the specific accounting framework to which they belong. Copyright 1997 by The International Association for Research in Income and Wealth.
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Bibliographic InfoArticle provided by International Association for Research in Income and Wealth in its journal Review of Income & Wealth.
Volume (Year): 43 (1997)
Issue (Month): 2 (June)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6586
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- Bos, Frits, 2009. "The National Accounts as a Tool for Analysis and Policy; History, Economic Theory and Data Compilation Issues," MPRA Paper 23582, University Library of Munich, Germany.
- Bos, Frits, 2007. "Use, misuse and proper use of national accounts statistics," MPRA Paper 2576, University Library of Munich, Germany.
- Bos, Frits, 2013. "Meaning and measurement of national accounts statistics," MPRA Paper 44970, University Library of Munich, Germany.
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