Business Fluctuations And Financial Accounting Measurement: Historical Comments
This paper addresses a theme in an historical setting that financial accounting measurement contributes to: (1) retardation of national economic growth by the failure of financial accounting to provide for the replacement of capital goods in its measurement process; and (2) the business cycle owing to the illusory profits reported in financial statements. The author explores the issues and concludes that the arguments against accounting are based upon misunderstandings.
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- Hicks, J. R., 1987. "Capital and Time: A Neo-Austrian Theory," OUP Catalogue, Oxford University Press, number 9780198772866, March.
- Raymond W. Goldsmith, 1950. "Measuring National Wealth in a System of Social Accounting," NBER Chapters, in: Studies in Income and Wealth, pages 21-80 National Bureau of Economic Research, Inc.
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