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.
References listed on IDEAS
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- 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.
- Hicks, J. R., 1987. "Capital and Time: A Neo-Austrian Theory," OUP Catalogue, Oxford University Press, number 9780198772866.
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