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Expanding Imputed Values In The National Income And Product Accounts

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  • John W. Kendrick

Abstract

After defining economic activity the author lists the chief types of non–market economic activities for which he has prepared estimates for the United States 1929–1973, and briefly describes his methodology and data sources. Some major findings are: (1) As of 1973 GNP adjusted to include the additional imputations was 63.5 percent larger than the official estimate. (2) At least since 1929 imputed values have grown faster than official GNP, especially when both are measured in terms of real factor costs. (3) The personal sector comprises a far larger portion of the national economy‐almost one‐third—when account is taken of imputed labor and property compensation, and its relative importance has grown. (4) Gross government product is more than 60 percent higher when the imputed rental value of public property is added to the compensation of general government employees. (5) Reflecting the relative growth of non‐business wealth, imputed property income has risen much faster than monetized property income. This has mitigated the decline in the property share of expanded gross national income compared with its share in the official estimates.

Suggested Citation

  • John W. Kendrick, 1979. "Expanding Imputed Values In The National Income And Product Accounts," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 25(4), pages 349-363, December.
    • Handle: RePEc:bla:revinw:v:25:y:1979:i:4:p:349-363
    DOI: 10.1111/j.1475-4991.1979.tb00112.x
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    Cited by:

    1. Warren, Paul, 2005. "Key Indicators in Canada," Economic Analysis (EA) Research Paper Series 2005037e, Statistics Canada, Analytical Studies Branch.
    2. Bridgman, Benjamin & Duernecker, Georg & Herrendorf, Berthold, 2018. "Structural transformation, marketization, and household production around the world," Journal of Development Economics, Elsevier, vol. 133(C), pages 102-126.
    3. Leonard I. Nakamura & Rachel Soloveichik, 2015. "Valuing “free” media across countries in GDP," Working Papers 15-25, Federal Reserve Bank of Philadelphia.
    4. Georg Duernecker & Berthold Herrendorf, 2015. "On the Allocation of Time - A Quantitative Analysis of the U.S. and France," CESifo Working Paper Series 5475, CESifo.
    5. Alessio Moro & Solmaz Moslehi & Satoshi Tanaka, 2017. "Does Home Production Drive Structural Transformation?," American Economic Journal: Macroeconomics, American Economic Association, vol. 9(3), pages 116-146, July.
    6. Leonard Nakamura & Jon Samuels & Rachel Soloveichik, 2017. "Measuring the Free Digital Economy within the GDP and Productivity Accounts," BEA Working Papers 0146, Bureau of Economic Analysis.
    7. Gianna C. Giannelli & Lucia Mangiavacchi & Luca Piccoli, 2012. "GDP and the value of family caretaking: how much does Europe care?," Applied Economics, Taylor & Francis Journals, vol. 44(16), pages 2111-2131, June.
    8. Gillian Hewitson, 2001. "A Survey of Feminist Economics," Working Papers 2001.01, School of Economics, La Trobe University.
    9. Christopher House & John Laitner & Dmitriy Stolyarov, 2006. "Valuing Lost Home Production of Dual Earner Households," 2006 Meeting Papers 449, Society for Economic Dynamics.
    10. Christopher House & John Laitner & Dmitriy Stolyarov, 2008. "Valuing Lost Home Production Of Dual Earner Couples," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 49(2), pages 701-736, May.
    11. Leonard I. Nakamura & Jon Samuels & Rachel Soloveichik, 2016. "Valuing \"Free\" Media in GDP: An Experimental Approach," Working Papers 16-24, Federal Reserve Bank of Philadelphia.
    12. Emanuele Felice, 2016. "The Misty Grail: The Search for a Comprehensive Measure of Development and the Reasons for GDP Primacy," Development and Change, International Institute of Social Studies, vol. 47(5), pages 967-994, September.
    13. J. Steven Landefeld & Barbara M. Fraumeni & Cindy M. Vojtech, 2005. "Accounting for Nonmarket Production: A Prototype Satellite Account Using the American Time Use Survey," BEA Papers 0056, Bureau of Economic Analysis.
    14. Matthew D. Atkinson, 2003. "A Computational Routine for Disaggregating Industry Margin Data to Estimate Product Margin Rates," BEA Papers 0030, Bureau of Economic Analysis.
    15. Christopher House & John Laitner & Dmitriy Stolyarov, 2008. "Valuing Lost Home Production Of Dual Earner Couples," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 49(2), pages 701-736, May.
    16. Duernecker, Georg & Herrendorf, Berthold, 2018. "On the allocation of time – A quantitative analysis of the roles of taxes and productivities," European Economic Review, Elsevier, vol. 102(C), pages 169-187.
    17. Jooyeoun Suh & Nancy Folbre, 2016. "Valuing Unpaid Child Care in the U.S.: A Prototype Satellite Account Using the American Time Use Survey," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 62(4), pages 668-684, December.
    18. Ahearn, Mary, 1984. "The Conceptual And Empirical Issues In Measuring Imputed Rental Value Of Farm Dwellings," 1984 Annual Meeting, August 5-8, Ithaca, New York 279065, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    19. Jiri Skolka, 1985. "Wende in der Arbeitsteilung," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 11(4), pages 445-469.
    20. Michael Carter, 1984. "Issues in the Hidden Economy—A Survey," The Economic Record, The Economic Society of Australia, vol. 60(3), pages 209-221, September.

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