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Extended Measures of Investment and Saving

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  • Depta, Peter
  • Ravalli, Frank
  • Harding, Don

Abstract

National accountants treat as consumption all expenditure incurred in purchasing consumer durables and in forming intangible assets such as knowledge, education and good health. The case is made in this paper that the national accounts measures of saving and investment understate both the extent to which we save and the extent of the resources that we allocate to investment. Moreover, the national accounts data do not allow us to monitor substitution between tangible and intangible assets.

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File URL: http://mpra.ub.uni-muenchen.de/3319/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 3319.

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Date of creation: Feb 1994
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Handle: RePEc:pra:mprapa:3319

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Keywords: Saving; Investment; National accounts; Knowledge; Human Capital; Physical Capital; Intangible Capital;

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References

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  1. Gary S. Becker, 1975. "Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education, 2nd ed," NBER Books, National Bureau of Economic Research, Inc, number beck75-1, July.
  2. Romer, Paul M, 1990. "Are Nonconvexities Important for Understanding Growth?," American Economic Review, American Economic Association, American Economic Association, vol. 80(2), pages 97-103, May.
  3. Eisner, Robert, 1989. "The Total Incomes System of Accounts," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226196381, June.
  4. Barro, Robert J, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 106(2), pages 407-43, May.
  5. Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 105(2), pages 501-26, May.
  6. Landefeld, J Steven & Hines, James R, 1985. "National Accounting for Non-renewable Natural Resources in the Mining Industries," Review of Income and Wealth, International Association for Research in Income and Wealth, International Association for Research in Income and Wealth, vol. 31(1), pages 1-20, March.
  7. Bradford, D.F., 1989. "Market Value Us. Financial Accounting Measures Of National Saving," Papers, Princeton, Woodrow Wilson School - Discussion Paper 34, Princeton, Woodrow Wilson School - Discussion Paper.
  8. Grossman, Michael, 1972. "On the Concept of Health Capital and the Demand for Health," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 80(2), pages 223-55, March-Apr.
  9. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 22(1), pages 3-42, July.
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Cited by:
  1. Australian Treasury, 1999. "The measurement of saving in Australia," Economic Roundup, Treasury, Australian Government, Treasury, Australian Government, issue 4, pages 21-50, November.

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