Business Fluctuations And Financial Accounting Measurement: Historical Comments
AbstractThis paper addresses a theme in an historical setting that financial accounting measurement contributes to: (1) retardation of national economic growth by the failure of financial accounting to provide for the replacement of capital goods in its measurement process; and (2) the business cycle owing to the illusory profits reported in financial statements. The author explores the issues and concludes that the arguments against accounting are based upon misunderstandings.
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Bibliographic InfoPaper provided by EconWPA in its series Macroeconomics with number 0502006.
Length: 22 pages
Date of creation: 01 Feb 2005
Date of revision:
Note: Type of Document - doc; pages: 22
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retardation of economic growth; national or social accounting; replacement cost accounting; Harrod's 'instability principle'; maintenance of physical capacity; illusory profits.;
Find related papers by JEL classification:
- E - Macroeconomics and Monetary Economics
This paper has been announced in the following NEP Reports:
- NEP-ACC-2005-04-16 (Accounting & Auditing)
- NEP-ALL-2005-04-16 (All new papers)
- NEP-HIS-2005-04-16 (Business, Economic & Financial History)
- NEP-MAC-2005-04-16 (Macroeconomics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Raymond W. Goldsmith, 1950. "Measuring National Wealth in a System of Social Accounting," NBER Chapters, in: Studies in Income and Wealth, pages 21-80 National Bureau of Economic Research, Inc.
- Hicks, J. R., 1987. "Capital and Time: A Neo-Austrian Theory," OUP Catalogue, Oxford University Press, number 9780198772866.
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