GDP and Beyond: Measuring Economic Progress and Sustainability
The United States possesses some of the most highly developed sets of Gross Domestic Product (GDP) accounts in the world. These accounts are collectively known as the National Income Product and Wealth Accounts or National Accounts. However, since their inception in the 1930s, the economy has continuously evolved. Issues have been raised about the scope and structure of the national accounts, limitations of focusing on market activities, and the contributions of investments in human capital and natural resources to economic growth. More recently, there are concerns about the adequacy of the national accounts in capturing the differential impact of the current recession, and the failure of the existing national accounts to provide adequate warning about the imbalances that developed in housing and financial markets. This article explores each of these issues and relates them to the need for expanded or supplementary measures for the national accounts, highlighting what such estimates might reveal relative to the conventional statistics presented by GDP and other aggregate statistics from the accounts.
(This abstract was borrowed from another version of this item.)
References listed on IDEAS
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.:
- Simon Kuznets & Lillian Epstein & Elizabeth Jenks, 1946.
"National Income and Its Composition, 1919-1938, Volume II,"
National Bureau of Economic Research, Inc, number kuzn41-3, September.
- Simon Kuznets & Lillian Epstein & Elizabeth Jenks, 1941. "National Income and Its Composition, 1919-1938, Volume I," NBER Books, National Bureau of Economic Research, Inc, number kuzn41-1, June.
- Michael G. Palumbo & Jonathan A. Parker, 2009. "The Integrated Financial and Real System of National Accounts for the United States: Does It Presage the Financial Crisis?," American Economic Review, American Economic Association, vol. 99(2), pages 80-86, May.
- Michael G. Palumbo & Jonathan A. Parker, 2009. "The Integrated Financial and Real System of National Accounts for the United States: Does It Presage the Financial Crisis?," NBER Working Papers 14663, National Bureau of Economic Research, Inc.
- Dale Jorgenson & J. Steven Landefeld & William D. Nordhaus, 2006. "A New Architecture for the U.S. National Accounts," NBER Books, National Bureau of Economic Research, Inc, number jorg06-1, June. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:bea:papers:0096. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bryn Whitmire)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.