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Statistical Perspectives and Economic Stability

In: National Income and Economic Progress

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  • Duncan Ironmonger

Abstract

Colin Clark’s view on the role of statistics was quite clear. As a pioneer in the development of national income and the inventor of Gross National Product (GNP), Clark saw the need for these measurements to test the properties of economic theory. Chapter 1 of his 1937 work National Income and Outlay opens with the statement that ‘Nearly all the propositions of economic science are concerned with statements about the national income.’ He went on to point out that since the measurement of national income had been regarded as one of the most difficult and uncertain branches of economics, ‘economic theories are rarely put to the test of fact, and modern economics has shown a lop-sided development in an over-theoretical direction’ (Clark, 1937, p. 1).

Suggested Citation

  • Duncan Ironmonger, 1988. "Statistical Perspectives and Economic Stability," Palgrave Macmillan Books, in: Duncan Ironmonger & J. O. N. Perkins & Tran Hoa (ed.), National Income and Economic Progress, chapter 3, pages 32-48, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-19340-0_4
    DOI: 10.1007/978-1-349-19340-0_4
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