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Transactions and Their Economic Functions

In: National Accounts and Economic value

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  • Utz-Peter Reich

Abstract

This is the first of four chapters on the principles of national accounting, beginning with the definition of an economy. After briefly outlining what is meant by the measurement of economic value, the transactor/transaction principle is exposed as the fundamental rule for determining the data for national accounts. A hierarchical system of terms is constructed, detailing the transaction concept and clarifying its classification criteria. Then the concept of transformation is brought in as a complement to transactions needed for determining the value of production and consumption. A digression into the history of the debate on the transaction concept completes the chapter.

Suggested Citation

  • Utz-Peter Reich, 2001. "Transactions and Their Economic Functions," Palgrave Macmillan Books, in: National Accounts and Economic value, chapter 2, pages 11-31, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51290-0_2
    DOI: 10.1057/9780230512900_2
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