National Income Accounts and Income Analysis

National Income Accounts and Income Analysis

National Income Accounts and Income Analysis

National Income Accounts and Income Analysis

Excerpt

This book was written primarily to avoid the task of giving detailed empirical and theoretical material in lecture form. In recent years there has been increasing recognition that economics should concern itself with observed facts, and the developments in national income accounting have been outstanding in this respect. By introducing the complete framework of national income accounting into economics, much of the vagueness of typical general economic theory can be overcome. This book attempts to build up the national income concepts from the basic accounts of individual firms, government units, and households; to a very large extent the purpose of this approach is to bridge the gap that exists between microand macro-economic theory, i.e., between value theory and general equilibrium theory. After the structural framework has been erected as a tool of analysis in Part One, it is applied in Part Two to income analysis. In so doing it is hoped that income analysis can be made more explicit and more realistic. This presentation contains little that is new; it merely brings together generally accepted material.

The material has been organized around the concepts of national income accounting and the theory of income analysis. Part One is devoted to the explanation of national income concepts and the creation of a general theoretical framework. The body of the chapters in Part One develops the central argument on an elementary level; they form a complete explanation of the theory of national income accounting The appendixes to these chapters are of two types. Certain of them are simple but detailed elaborations of what was taken up in the chapters. Other appendixes will be useful only to those who are interested in a more de ailed study of the subject of national income accounting. Part Two is an pplication of the framework developed in Chapters 1 through 5 to the ecific problem of income analysis. By using national income accounts reater rigor can be introduced into this field of theory, and the mechanisms by which saving and investment affect economic flows can be more readily understood.

This book is a revision of an earlier one written in 1948. The same general plan has been retained, but substantial changes have been made within it. Part One presents a simple but comprehensive set of national . . .

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