An Introduction to National Income and Income Analysis

An Introduction to National Income and Income Analysis

An Introduction to National Income and Income Analysis

An Introduction to National Income 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 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 micro- and macro-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 original; it merely brings together generally accepted material.

The material has been organized around the concepts of the national income accounts 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. 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 detailed study of the subject of national income. These appendixes deal with the simplifications that were necessarily made in the chapters. The material in Chap. 6 may be of little interest for many readers; it develops input-output tables and . . .

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