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Extended Measures of Investment and Saving

Author

Listed:
  • Depta, Peter
  • Ravalli, Frank
  • Harding, Don

Abstract

National accountants treat as consumption all expenditure incurred in purchasing consumer durables and in forming intangible assets such as knowledge, education and good health. The case is made in this paper that the national accounts measures of saving and investment understate both the extent to which we save and the extent of the resources that we allocate to investment. Moreover, the national accounts data do not allow us to monitor substitution between tangible and intangible assets.

Suggested Citation

  • Depta, Peter & Ravalli, Frank & Harding, Don, 1994. "Extended Measures of Investment and Saving," MPRA Paper 3319, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:3319
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    File URL: https://mpra.ub.uni-muenchen.de/3319/1/MPRA_paper_3319.pdf
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    References listed on IDEAS

    as
    1. Landefeld, J Steven & Hines, James R, 1985. "National Accounting for Non-renewable Natural Resources in the Mining Industries," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 31(1), pages 1-20, March.
    2. Bradford, D.F., 1989. "Market Value Us. Financial Accounting Measures Of National Saving," Papers 34, Princeton, Woodrow Wilson School - Discussion Paper.
    3. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 407-443.
    4. Grossman, Michael, 1972. "On the Concept of Health Capital and the Demand for Health," Journal of Political Economy, University of Chicago Press, vol. 80(2), pages 223-255, March-Apr.
    5. Romer, Paul M, 1990. "Are Nonconvexities Important for Understanding Growth?," American Economic Review, American Economic Association, vol. 80(2), pages 97-103, May.
    6. Costas Azariadis & Allan Drazen, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, Oxford University Press, vol. 105(2), pages 501-526.
    7. Eisner, Robert, 1989. "The Total Incomes System of Accounts," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226196381.
    8. Gary S. Becker, 1975. "Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education, Second Edition," NBER Books, National Bureau of Economic Research, Inc, number beck75-1, January.
    9. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    Citations

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    Cited by:

    1. Australian Treasury, 1999. "The measurement of saving in Australia," Economic Roundup, The Treasury, Australian Government, issue 4, pages 21-50, November.

    More about this item

    Keywords

    Saving; Investment; National accounts; Knowledge; Human Capital; Physical Capital; Intangible Capital;

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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