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This is an update of OECD 2006 "Understanding National Accounts". It contains new data, new chapters and is adapted to the new systems of national accounts, SNA 2008 and ESA 2010.
This collection of classic articles and book chapters departs from Solow's 1957 seminal paper on the measurement of technical change. It studies the idea behind the comprehensive development of total factor productivity and the index number innovations. The volume also analyses the measurement of productivity growth and the usefulness of GDP measurement as well as perennial problems in measurement of output of certain sectors and of certain processes in an economy. With an original introduction by the editor, this is a valuable source of reference for students, researchers and practitioners.
A New Architecture for the U.S. National Accounts brings together a distinguished group of contributors to initiate the development of a comprehensive and fully integrated set of United States national accounts. The purpose of the new architecture is not only to integrate the existing systems of accounts, but also to identify gaps and inconsistencies and expand and incorporate systems of nonmarket accounts with the core system. Since the United States economy accounts for almost thirty percent of the world economy, it is not surprising that accounting for this huge and diverse set of economic activities requires a decentralized statistical system. This volume outlines the major assignments among institutions that include the Bureau of Economic Analysis, the Bureau of Labor Statistics, the Department of Labor, the Census Bureau, and the Governors of the Federal Reserve System. An important part of the motivation for the new architecture is to integrate the different components and make them consistent. This volume is the first step toward achieving that goal.
The 1993 SNA represents a major advance in national accounting. While updating and clarifying the 1968 SNA, the 1993 SNA provides the basis for improving compilation of national accounts statistics, promoting integration of economic and related statistics, and enhancing analysis of economic developments. The 1993 SNA deals more clearly with relationships between economic flows (such as production, income, savings, accumulation, and financing) and links between these flows and stocks. At the same time the 1993 SNA reflects the many significant developments that have taken place in financial markets and completes the integration of balance sheets into the system. The 1993 SNA also suggests how satellite accounts (e.g. environmental accounts) and alternative classifications (e.g., through social accounting matrices) an be used to augment the central framework of the system.
In order to really see the forest, what's the best way to count the trees? Understanding how the economy interacts with the environment has important implications for policy, regulatory, and business decisions. How should our national economic accounts recognize the increasing interest in and importance of the environment? Nature's Numbers responds to concerns about how the United States should make these measurements. The book recommends how to incorporate environmental and other non-market measures into the nation's income and product accounts. The panel explores alternative approaches to environmental accounting, including those used in other countries, and addresses thorny issues such as how to measure the stocks of natural resources and how to value non-market activities and assets. Specific applications to subsoil minerals, forests, and clean air show how the general principles can be applied. The analysis and insights provided in this book will be of interest to economists, policymakers, environmental advocates, economics faculty, businesses based on natural resources, and managers concerned with the role of the environment in our economic affairs.
How GDP came to rule our lives—and why it needs to change Why did the size of the U.S. economy increase by 3 percent on one day in mid-2013—or Ghana's balloon by 60 percent overnight in 2010? Why did the U.K. financial industry show its fastest expansion ever at the end of 2008—just as the world’s financial system went into meltdown? And why was Greece’s chief statistician charged with treason in 2013 for apparently doing nothing more than trying to accurately report the size of his country’s economy? The answers to all these questions lie in the way we define and measure national economies around the world: Gross Domestic Product. This entertaining and informative book tells the story of GDP, making sense of a statistic that appears constantly in the news, business, and politics, and that seems to rule our lives—but that hardly anyone actually understands. Diane Coyle traces the history of this artificial, abstract, complex, but exceedingly important statistic from its eighteenth- and nineteenth-century precursors through its invention in the 1940s and its postwar golden age, and then through the Great Crash up to today. The reader learns why this standard measure of the size of a country’s economy was invented, how it has changed over the decades, and what its strengths and weaknesses are. The book explains why even small changes in GDP can decide elections, influence major political decisions, and determine whether countries can keep borrowing or be thrown into recession. The book ends by making the case that GDP was a good measure for the twentieth century but is increasingly inappropriate for a twenty-first-century economy driven by innovation, services, and intangible goods.
The purpose of this handbook is to assist countries in the implementation of the System of National Accounts 1993. It seeks to provide an introduction to basic concepts and structures, with simple exercises included, whenever possible, to elucidate matters. The publication also gives an example of the complete system in Excel, with formulas to help readers trace linkages in the system. It is divided into three sections, dealing with accounts of the nation; integrated accounts by industries and institutional sectors; data collection and estimation methods.
Surely everyone wants to know the source of happiness, and indeed, economists and social scientists are increasingly interested in the study and effects of subjective well-being. Putting forward a rigorous method and new data for measuring, comparing, and analyzing the relationship between well-being and the way people spend their time—across countries, demographic groups, and history—this book will help set the agenda of research and policy for decades to come. It does so by introducing a system of National Time Accounting (NTA), which relies on individuals’ own evaluations of their emotional experiences during various uses of time, a distinct departure from subjective measures such as life satisfaction and objective measures such as the Gross Domestic Product. A distinguished group of contributors here summarize the NTA method, provide illustrative findings about well-being based on NTA, and subject the approach to a rigorous conceptual and methodological critique that advances the field. As subjective well-being is topical in economics, psychology, and other social sciences, this book should have cross-disciplinary appeal.
Since the Great Depression, researchers and statisticians have recognized the need for more extensive methods for measuring economic growth and sustainability. The recent recession renewed commitments to closing long-standing gaps in economic measurement, including those related to sustainability and well-being. The latest in the NBER’s influential Studies in Income and Wealth series, which has played a key role in the development of national account statistics in the United States and other nations, this volume explores collaborative solutions between academics, policy researchers, and official statisticians to some of today’s most important economic measurement challenges. Contributors to this volume extend past research on the integration and extension of national accounts to establish an even more comprehensive understanding of the distribution of economic growth and its impact on well-being, including health, human capital, and the environment. The research contributions assess, among other topics, specific conceptual and empirical proposals for extending national accounts.
New goods are at the heart of economic progress. The eleven essays in this volume include historical treatments of new goods and their diffusion; practical exercises in measurement addressed to recent and ongoing innovations; and real-world methods of devising quantitative adjustments for quality change. The lead article in Part I contains a striking analysis of the history of light over two millenia. Other essays in Part I develop new price indexes for automobiles back to 1906; trace the role of the air conditioner in the development of the American south; and treat the germ theory of disease as an economic innovation. In Part II essays measure the economic impact of more recent innovations, including anti-ulcer drugs, new breakfast cereals, and computers. Part III explores methods and defects in the treatment of quality change in the official price data of the United States, Canada, and Japan. This pathbreaking volume will interest anyone who studies economic growth, productivity, and the American standard of living.