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The system of national accounts for the new economy: What should change?

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  • Brent R. Moulton

Abstract

The publication of the 1993 System of National Accounts served as a major milestone in creating international standards for compiling a fully integrated set of accounts measuring a nation's production, income, and wealth. While statistical agencies continue to make progress toward full implementation of the 1993 SNA, attention is now turning to perceived deficiencies of the system and areas for possible improvement. This paper discusses several suggestions for possible changes in the national accounts, including inclusion of multifactor productivity measures in the production account, changes to the definition of output for certain financial services, expanded coverage of intangible assets, capitalization of military equipment, inclusion of consumer durable goods in measures of saving, imputation of a rate of return to fixed assets used for nonmarket production, reconsideration of sectoral boundaries, and modification of the definition of capital transfers for capital gains taxes. Copyright 2004 Blackwell Publishing Ltd.

Suggested Citation

  • Brent R. Moulton, 2004. "The system of national accounts for the new economy: What should change?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 50(2), pages 261-278, June.
  • Handle: RePEc:bla:revinw:v:50:y:2004:i:2:p:261-278
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    Cited by:

    1. Michael J. Harper & Brent R. Moulton & Steven Rosenthal & David B. Wasshausen, 2009. "Integrated GDP-Productivity Accounts," American Economic Review, American Economic Association, vol. 99(2), pages 74-79, May.
    2. Mas, Matilde, 2005. "Public Capital, Internal Rate of Return and Growth Accounting," MPRA Paper 15821, University Library of Munich, Germany, revised 2005.
    3. Guido Bonatti & Enrico Ivaldi, 2016. "Un indicatore per la misurazione della partecipazione culturale e sociale nelle regioni italiane," ECONOMIA E DIRITTO DEL TERZIARIO, FrancoAngeli Editore, vol. 2016(2), pages 283-302.
    4. Barbara M. Fraumeni & Michael J. Harper & Susan G. Powers, 2006. "An Integrated BEA/BLS Production Account: A First Step and Theoretical Considerations," NBER Chapters,in: A New Architecture for the U.S. National Accounts, pages 355-435 National Bureau of Economic Research, Inc.
    5. repec:bla:revinw:v:63:y:2017:i::p:s355-s380 is not listed on IDEAS
    6. Damien Broussolle, 2015. "The Emerging New Concept of Services in the System of National Accounts and the Balance of Payments," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 61(3), pages 573-586, September.
    7. Amendola, Nicola & Vecchi, Giovanni, 2014. "Durable goods and poverty measurement," Policy Research Working Paper Series 7105, The World Bank.

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