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The system of national accounts and alternative economic perspectives

Author

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  • Alice O. Nakamura
  • Leonard I. Nakamura

Abstract

Brent Moulton and Nicole Mayerhauser (2015) point out that, for more than 50 years, economists have featured the concept of human capital in their models of labor, growth, productivity, and distribution of income. The authors recommend the addition to the System of National Accounts (SNA) of supplemental person-level accounts: i.e., a System of Person Accounts (SPA). They see this as the best way of recognizing the processes of human capital creation as well as related issues of how income is distributed among individuals and families. The authors argue that this change would support three different perspectives from which economic activity can be viewed: (1) a current period outcomes perspective, (2) a risky possibilities perspective, and (3) a resources perspective. Moreover, these gains could be realized without changing the SNA in any substantial respects.

Suggested Citation

  • Alice O. Nakamura & Leonard I. Nakamura, 2015. "The system of national accounts and alternative economic perspectives," Working Papers 15-32, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpwp:15-32
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    More about this item

    Keywords

    National income accountings; Person accounts; Microdata; Human capital; risk; Capability; Welfare;
    All these keywords.

    JEL classification:

    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • D60 - Microeconomics - - Welfare Economics - - - General

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