IDEAS home Printed from
   My bibliography  Save this paper

Business Fluctuations And Financial Accounting Measurement: Historical Comments


  • stanley c. w. salvary

    (Canisius College)


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.

Suggested Citation

  • stanley c. w. salvary, 2005. "Business Fluctuations And Financial Accounting Measurement: Historical Comments," Macroeconomics 0502006, EconWPA.
  • Handle: RePEc:wpa:wuwpma:0502006
    Note: Type of Document - doc; pages: 22

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Raymond W. Goldsmith, 1950. "Measuring National Wealth in a System of Social Accounting," NBER Chapters,in: Studies in Income and Wealth, pages 23-79 National Bureau of Economic Research, Inc.
    2. Hicks, J. R., 1987. "Capital and Time: A Neo-Austrian Theory," OUP Catalogue, Oxford University Press, number 9780198772866.
    Full references (including those not matched with items on IDEAS)

    More about this item


    retardation of economic growth; national or social accounting; replacement cost accounting; Harrod's 'instability principle'; maintenance of physical capacity; illusory profits.;

    JEL classification:

    • E - Macroeconomics and Monetary Economics

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpma:0502006. 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: (EconWPA). General contact details of provider: .

    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 CitEc recognized a reference but did not link an item in RePEc 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.