Knowledge (XXG)

System of National Accounts

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1205:, claimed at the IMF World Bank annual meetings in Tokyo in October 2012 that women could rescue Japan's stagnating economy, if more of them took paid jobs instead of doing unpaid care work. A 2010 Goldman Sachs report had calculated that Japan's GDP would rise by 15 percent, if the participation of Japanese women in the paid labour force was increased from 60 percent to 80 percent, matching that of men. The difficulty with this kind of argument is, that domestic and care work would still need to be done by someone, meaning women and men would need to share household responsibilities more equally, or rely on public- or private-sector provided child and eldercare. According to the 929:
entries and estimation procedures impacting on the totals), there are often discrepancies between the totals cited for the same accounting period in different publications issued in different years. The "first final figures" may in fact be retrospectively revised several times because of new sources, methods or conceptual changes. The yearly revisions may be quantitatively slight, but cumulatively across e.g. ten years they may alter a trend significantly. This is something the researcher should bear in mind in seeking to obtain a consistent data set.
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United States), which requires by agreement that the member states of the union will physically supply standardized data sets, for the purpose of inter-state comparisons, even if the countries themselves might not have so much use for the data supplied. Thus, there may be "external incentives" for the production of more comprehensive statistical information which affect some countries but are much less evident in others, where the information is required by some international body.
1195:. The valuation principle often applied is that of how much a service would cost, if it was purchased at market rates, instead of being voluntarily supplied. Sometimes an "opportunity cost" method is also used: in this case, statisticians estimate how much women could earn in a paid job if they were not doing unpaid housework. Typically, the results suggest that the value of unpaid housework is close to about half the value of GDP. 809: 1286:
for "indicative trends". One can, for example, observe that if variables X, Y, and Z go up, then variable P will go up as well, in a specific proportionality. In that case, one may not need to survey P or its components directly, it is sufficient to get trend data for X, Y, and Z and feed them into a mathematical model which then predicts what the values for P will be at each interval of time.
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population census began to be organized by the government only much more recently, and most universities started much later) do not. What matters in this sense is, above all, whether a society sees the value of statistics, makes extensive use of statistical expertise for analytical and policy purposes and therefore is sympathetic to investing in the statistical enterprise.
1253:" may also include the value of stock options received as income by corporate officers. Thus, it is argued, the accounts have to be substantially re-aggregated, to obtain a true picture of income generated and distributed in the economy. The problem there is that the detailed information to do it is often not made available, or is available only at a prohibitive cost. 884:, the first international standard being published in 1953. Handbooks have been released for the 1968 revision, the 1993 revision, and the 2008 revision. The System of National Accounts, in its various released versions, frequently with significant local adaptations, has been adopted by many nations. It continues to evolve and is maintained by the United Nations, the 1245:– and workers' earnings are overestimated since the account shows the total labour costs to the employer rather than the "factor income" which workers actually get. If one is interested in what incomes people actually get, how much they own, or how much they borrow, national accounts often do not provide the required information. 1289:
Because statistical surveys are very costly or may be difficult to organize, or because the data has to be produced rapidly to meet a deadline, statisticians often try to find cheaper, quicker, and more efficient methods to produce the data, by means of inferences from data that they already have, or
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US government statisticians admit frankly that "Unfortunately, the finance sector is one of the more poorly measured sectors in national accounts". The oddity of this is, that the finance sector nowadays dominates international transactions, and strongly influences the developmental path of the world
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economic activity in some countries is much more difficult to measure accurately than in others (for example, a large grey economy, widespread illiteracy, a lack of cash economy, survey access difficulties because of geographic factors or socio-political instability, very large mobility of people and
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The data quality has also often been criticized on the ground that what pretends to be "data" in reality often consists only of estimates extrapolated from mathematical models, not direct observations. These models are designed to predict what particular data values ought to be, based on sample data
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Additionally, it is argued by Marxists that the SNA aggregate "compensation of employees" does not distinguish adequately between pre-tax and post-tax wage income, the income of higher corporate officers, and deferred income (employee and employer contributions to social insurance schemes of various
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The intention of those who would like to produce this kind of standard data might be perfectly honorable, but the production of the data has to be practically justifiable in terms of technical feasibility and utility. Attaching an imaginary price to housework might not be the best data to have about
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Both the strength and the weaknesses of national accounts are that they are based on an enormous variety of data sources. The strength consists in the fact that a lot of cross-checking between data sources and data sets can occur, to assess the credibility of the estimates. The weakness is that the
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For example, Jochen Hartwig provides evidence to show that "the divergence in growth rates between the U.S. and the EU since 1997 can be explained almost entirely in terms of changes to deflation methods that have been introduced in the U.S. after 1997, but not – or only to a very limited extent –
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A typical reply of statisticians to this kind of objection is that although it is preferable to have comprehensive survey data available as a basis for estimation, and although data errors and inaccuracies do occur, it is possible to find techniques that keep the margins of error within acceptable
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The "magic" of national accounts is that they provide an instant source of detailed international comparisons, but, critics argue, on closer inspection, the numbers are not really so comparable as they are made out to be. The effect is that all sorts of easy comparisons are tossed around by policy
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National accounts data are constructed from thousands of different data series, and the results are typically revised several times after the first official estimates are published. Therefore, the first estimates are rarely fully accurate in terms of the measurement concepts used. In addition, the
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Almost all member countries of the United Nations provide income and product accounts, but not necessarily a full set of standard accounts, or a full set of data, for the standard accounting information supplied. For example, standardized assets and liabilities accounts for households hardly exist
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although the United Nations has rather little power to enforce the actual production of statistics to a given standard in member countries, even if international conventions are signed, some of the world's states are part of an international union (for example the European Union, the OECD, or the
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Some examples are the construction of accounts for environmental resources, the measurement of the trade in services and of capital stocks, the treatment of insurance payments, the grey economy, employee compensation in the form of stock options or other non-wage income, intangible capital, etc.
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Additionally, national statistical offices may also publish SNA-type data series. More detailed data at a lower level of aggregation is often available on request. Because national accounts data is notoriously prone to revision (because it involves a very large number of different data sources,
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some countries (for example, The Netherlands, Germany, Britain, Poland, and Australia) have a strong intellectual (scholarly or cultural) tradition in the area of social statistics, often going back a hundred or even several hundred years, while others (such as many African countries, where a
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in constructing their own national accounting systems, to promote international comparability. However, adherence to an international standard is entirely voluntary, and cannot be rigidly enforced. The systems used by some countries (for example, France, the United States, and
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Without adequate, comprehensive observational data from direct surveys, many of the statistical inferences made are simply not truly verifiable. All one can then say about the estimates is, that they are "probably fairly accurate, given previous and other concurrent
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Economic and financial data from member countries are used to compile annual (and sometimes quarterly) data on the gross product, investment, capital transactions, government expenditure, and foreign trade. The results are published in a UN Yearbook,
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Statisticians have also criticized the validity of international statistical comparisons using national accounts data, on the ground that in the real world, the estimates are rarely compiled in a uniform way – despite appearances to the contrary.
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In the valiant attempt to include all "micro" business activities under general "macro" headings, necessarily a distorted picture of reality results because at least a portion of micro-transactions does not easily fit under the general conceptual
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whether an international standard method of imputation for the value of such services is feasible, given e.g. that the conditions under which the market equivalents for unpaid household services are supplied vary a great deal internationally
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some statistical agencies have more scientific autonomy and budgetary discretion than others, allowing them to do surveys or statistical reports which other statistical agencies are prevented from doing for legal, political or financial
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because no imputation for the monetary value of unpaid housework, or for unpaid voluntary labor is made in the accounts, even though the accounts do include the "imputed rental value of owner-occupied dwellings" (the market-rents which
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Dennis J Fixler, Marshall B Reinsdorf and Shaunda Villones, "Measuring the services of commercial banks in the NIPA." IFC Bulletin No. 33 (Irving Fisher Committee on Central Bank Statistics, Bank of International Settlements),
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Any unexpectedly large fluctuation in a variable is difficult to predict by a mathematical model since ultimately the model's descriptions assume the future trend will conform to the law of averages and the patterns of the
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National accounts data are not useful to solve many of society's problems, because those problems really require quite different kinds of data to solve them, for example, behavioral data, attitudinal data, or physical
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The most general criticism of SNA has always been that its concepts do not adequately reflect the interactions, relationships, and activities of the real world – for a variety of reasons, but mainly because:
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that is made of the concept by governments, intellectuals, and businessmen in public discourse. GDP is used for all kinds of comparisons, but some of those comparisons are conceptually not very appropriate.
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The extrapolated estimates may lack any solid empirical basis, and the tendency is for fluctuations in the magnitudes of variables to be "smoothed out" by the estimation or interpolation procedure.
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The aim of SNA is to provide an integrated, complete system of accounts enabling international comparisons of all significant economic activity. The suggestion is that individual countries use SNA
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whether attaching a price to voluntary labor, done primarily by women, itself actually performs an emancipatory or morally propitious function or has a general useful purpose beyond academia.
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scientists which, if the technical story behind the numbers was told, would never be attempted because the comparisons are scientifically untenable (or at the very least rather dubious).
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But the objection to this approach - although it can sometimes be proved to provide accurate data successfully - is that there is a loss in data accuracy and data quality.
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would receive if they rented out the housing they occupy). This obscures the reality that market production depends to a large extent on non-market labour being performed.
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These accounts include various annexes and sub-accounts, and standards are also provided for input-output tables showing the transactions between production sectors.
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sheer number of inferences made from different data sets used increases the possibility of data errors, and makes it more difficult to assess error margins.
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In part, this criticism of GDP is misplaced, because the fault is not so much with the concept itself. It is useful to have a measure of a country's total
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GDP measures are frequently abused by writers who neither understand what they mean, how they were produced, nor what they can be validly used for.
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SNA continues to be developed further, and international conferences are regularly held to discuss various conceptual and measurement issues.
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earlier data series released are often also revised, sometimes many years later, so that the data may never be quite "final" and accurate.
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The revision of the 1993 system was coordinated by the Intersecretariat Working Group on National Accounts (ISWGNA) comprising the
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The system does not provide explicit detail for particular economic phenomena, suggesting thereby that they do not really exist.
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United Nations, 1953, A System of National Accounts and Supporting Tables, Studies in Methods, Series F No 2 Rev. 1, New York
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The quality and comprehensiveness of national account data differ between countries. Among the reasons are that:
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The most popular criticism of national accounts is made against the concept of gross domestic product (GDP).
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In most OECD countries, statisticians have in recent years estimated the value of housework using data from
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However, such criticism raises several questions for the statisticians who would have to produce the data:
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Marxian economists have criticized SNA concepts also from a different theoretical perspective on the new
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A recent development is an attempt to create standard accounts of strategic stocks of natural resources.
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sector in the world economy for which systematic, comprehensive, and comparable data are not available.
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are rather capricious or eclectic, obscuring thereby the different components and sources of realised
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Domestic Workers Across the World: Global and regional statistics and the extent of legal protection
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whether making the imputation would result in truly meaningful, internationally comparable measures;
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manual in html5 with IDs, table-of-contents, and link-preview (html5.id.toc.preview), non-official.
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Harumi Ozawa, "Woman is Japan's secret economic weapon." Agence France-Presse, 23 November 2012.
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For a brief historical summary of the revisions, see e.g. the relevant section in the manuals
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Patriarchy and Accumulation on a World Scale: Women in the International Division of Labour
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argue that a measure of "well-being" is needed to balance a measure of output growth.
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some governments invest far more money in statistical research than other governments.
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Nature's Numbers: Expanding the National Economic Accounts to Include the Environment
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The ISWGNA working group has its own website under the UN Statistics Division.
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the primary distribution of income account (incomes generated by production)
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The Income of Nations; Theory, Measurement, and Analysis: Past and Present
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There is something wrong with the valuation scheme that is being assumed.
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the transfers (redistribution) account (including social spending)
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SNA has been criticised as biased by feminist economists such as
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assets – this is particularly the case in sub-Saharan countries).
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National Accounts Statistics: Main Aggregates and Detailed Tables
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the (domestic) financial transactions account ("flow of funds")
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For the 2008 SNA Revision, the full text is available online:
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Counting for Nothing: What Men Value and What Women are Worth
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Organisation for Economic Co-operation and Development
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Organisation for Economic Co-operation and Development
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Joseph E. Stiglitz, Amartya Sen, Jean-Paul Fitoussi,
2707: 2349: 2083: 1832: 1797: 1715: 1290:from selected data which they can get more easily. 1000:the assets and liabilities account (balance sheet) 1373:National agencies responsible for GDP measurement 1502:. Reprinted in 1996 by Bridget Williams Books. 1487:Mismeasuring Our Lives: Why GDP Doesn't Add Up 1076:Statistical Office of the European Communities 1693: 1052:. The OECD provides some overview commentary 845: 8: 1605:. New York: New York University Press, 1958. 1454:. Washington: National Academy Press, 1999. 1441:CEC, IMF, OECD, UN & World Bank (1993). 1349:– an alternative way of measuring progress. 1700: 1686: 1678: 1650:United Nations Statistics Division (UNSD) 874:United Nations System of National Accounts 852: 838: 28: 18:United Nations System of National Accounts 1450:Nordhaus W.D. and Kokkelenberg C. (ed.), 880:) is an international standard system of 1033:Discussions and updates are reported in 967:SNA includes the following main accounts 1395: 40: 1368:Measures of national income and output 972:the production account (components of 162:Measures of national income and output 7: 1629:CEC, IMF, OECD, UN & World Bank 1378:National income and product accounts 1777:Agent-based computational economics 1636:EC, IMF, OECD, UN & World Bank 1558:. Cambridge University Press, 2011. 1003:the external transactions account ( 997:the changes in asset values account 1638:“System of National Accounts 2008” 1631:“System of National Accounts 1993” 1383:Productive and unproductive labour 1060:United Nations Statistics Division 25: 1257:economy. So, it is precisely the 985:the household expenditure account 2235:neoclassical–Keynesian synthesis 1610:A History of National Accounting 1431:System of National Accounts 2008 1427:System of National Accounts 1993 819: 807: 48: 1644:The Review of Income and Wealth 1556:Measuring the Wealth of Nations 767:Publications in macroeconomics 1: 2171:Critique of political economy 1465:"System of National Accounts" 1413:"System of National Accounts" 1342:Gross fixed capital formation 1133:The fault is with the actual 1612:, IOS Press, Amsterdam, 2005 1015:and remain to be developed. 1337:European System of Accounts 1203:International Monetary Fund 1064:International Monetary Fund 962:Main accounts in the system 886:International Monetary Fund 866:System of National Accounts 2824: 2309:Real business-cycle theory 1621:Survey of Current Business 1515:. London: Zed Books, 1999. 518:New neoclassical synthesis 501:Real business-cycle theory 2749: 1332:Compensation of employees 1265:Statisticians' criticisms 1264: 1251:Compensation of employees 2803:United Nations documents 1584:11 November 2014 at the 1353:Intermediate consumption 523:Saltwater and freshwater 1949:Industrial organization 1772:Computational economics 1659:The Accounts of Nations 1657:Zoltan Kenessey (Ed.), 1363:Material Product System 1347:Human Development Index 451:International economics 376:Overlapping generations 2154:Modern monetary theory 1819:Experimental economics 1789:Pluralism in economics 1762:Mathematical economics 1661:, Amsterdam IOS, 1994. 1489:. The New Press, 2010. 1227:income from production 868:(often abbreviated as 794:Mathematical economics 545:Modern monetary theory 308:Universal basic income 634:Wesley Clair Mitchell 609:Thomas Robert Malthus 446:Development economics 2028:Social choice theory 1784:Behavioral economics 1767:Complexity economics 1035:SNA News & Notes 933:Quality and coverage 371:Ramsey–Cass–Koopmans 211:Liquidity preference 2808:Official statistics 2112:American (National) 1812:Economic statistics 1652:“National Accounts" 1536:See the ILO report 1005:balance of payments 916:Publication of data 826:Business portal 762:Macroeconomic model 639:John Maynard Keynes 436:Economic statistics 381:General equilibrium 1201:, the head of the 1152:Feminist criticism 1090:General criticisms 714:Edward C. Prescott 441:Monetary economics 2798:National accounts 2785: 2784: 2316:New institutional 1601:*Paul Studenski, 1554:and Ahmet Tonak, 1498:Waring, M. 1988. 1321:Capital formation 1243:operating surplus 1213:Marxist criticism 1199:Christine Lagarde 1045:2008 SNA Revision 882:national accounts 862: 861: 789:Political economy 744:N. Gregory Mankiw 734:Thomas J. Sargent 579:Market monetarism 393:Endogenous growth 223:National accounts 16:(Redirected from 2815: 1989:Natural resource 1824:Economic history 1750:Mechanism design 1702: 1695: 1688: 1679: 1589: 1577:Jochen Hartwig, 1575: 1569: 1565: 1559: 1549: 1543: 1531: 1525: 1522: 1516: 1509: 1503: 1496: 1490: 1483: 1477: 1476: 1474: 1472: 1467:. United Nations 1461: 1455: 1448: 1442: 1439: 1433: 1424: 1422: 1420: 1415:. United Nations 1409: 1403: 1400: 1193:time use surveys 1144:Economists like 1119:Criticism of GDP 854: 847: 840: 824: 823: 814:Money portal 812: 811: 810: 724:William Nordhaus 709:Robert Lucas Jr. 599:François Quesnay 235:Nominal rigidity 206:Demand for money 184:Microfoundations 120:Financial crisis 100:Effective demand 70:Aggregate supply 65:Aggregate demand 52: 29: 21: 2823: 2822: 2818: 2817: 2816: 2814: 2813: 2812: 2788: 2787: 2786: 2781: 2778:Business portal 2745: 2744: 2743: 2703: 2467:von Böhm-Bawerk 2355: 2354: 2345: 2117:Ancient thought 2095: 2094: 2088: 2079: 2078: 2077: 1828: 1793: 1745:Contract theory 1730:Decision theory 1711: 1706: 1668: 1616:Carol S. Carson 1598: 1593: 1592: 1586:Wayback Machine 1576: 1572: 1566: 1562: 1550: 1546: 1532: 1528: 1523: 1519: 1510: 1506: 1497: 1493: 1484: 1480: 1470: 1468: 1463: 1462: 1458: 1449: 1445: 1440: 1436: 1418: 1416: 1411: 1410: 1406: 1401: 1397: 1392: 1387: 1316: 1267: 1239:double counting 1231:property income 1215: 1167:owner-occupiers 1154: 1146:Joseph Stiglitz 1121: 1092: 1087: 1047: 1024: 990:capital account 969: 964: 935: 918: 872:; formerly the 858: 818: 808: 806: 799: 798: 757: 749: 748: 729:Joseph Stiglitz 689:Milton Friedman 669:Friedrich Hayek 594: 584: 583: 466: 456: 455: 426: 418: 417: 403:Mundell–Fleming 398:Matching theory 336:Keynesian cross 321: 313: 312: 283: 275: 274: 60: 23: 22: 15: 12: 11: 5: 2821: 2819: 2811: 2810: 2805: 2800: 2790: 2789: 2783: 2782: 2780: 2775: 2770: 2765: 2760: 2755: 2750: 2747: 2746: 2742: 2741: 2736: 2726: 2721: 2715: 2714: 2713: 2711: 2705: 2704: 2702: 2701: 2694: 2689: 2684: 2679: 2674: 2669: 2664: 2659: 2654: 2649: 2644: 2639: 2634: 2629: 2624: 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1851: 1846: 1840: 1839: 1838: 1836: 1830: 1829: 1827: 1826: 1821: 1816: 1815: 1814: 1803: 1801: 1795: 1794: 1792: 1791: 1786: 1781: 1780: 1779: 1769: 1764: 1759: 1757:Macroeconomics 1754: 1753: 1752: 1747: 1742: 1737: 1732: 1725:Microeconomics 1721: 1719: 1713: 1712: 1707: 1705: 1704: 1697: 1690: 1682: 1676: 1675: 1667: 1666:External links 1664: 1663: 1662: 1655: 1648: 1641: 1634: 1627: 1613: 1608:Andre Vanoli, 1606: 1597: 1594: 1591: 1590: 1570: 1560: 1544: 1540:, Geneva 2013. 1526: 1517: 1504: 1491: 1478: 1456: 1443: 1434: 1404: 1394: 1393: 1391: 1388: 1386: 1385: 1380: 1375: 1370: 1365: 1360: 1358:Macroeconomics 1355: 1350: 1344: 1339: 1334: 1329: 1323: 1317: 1315: 1312: 1307: 1306: 1302: 1298: 1266: 1263: 1214: 1211: 1185: 1184: 1181: 1178: 1158:Marilyn Waring 1153: 1150: 1120: 1117: 1116: 1115: 1111: 1107: 1103: 1100: 1091: 1088: 1086: 1083: 1046: 1043: 1023: 1020: 1009: 1008: 1001: 998: 995: 992: 986: 983: 980: 977: 968: 965: 963: 960: 959: 958: 954: 950: 946: 942: 934: 931: 917: 914: 860: 859: 857: 856: 849: 842: 834: 831: 830: 829: 828: 816: 801: 800: 797: 796: 791: 786: 784:Microeconomics 781: 780: 779: 769: 764: 758: 755: 754: 751: 750: 747: 746: 741: 736: 731: 726: 721: 716: 711: 706: 701: 699:Lawrence Klein 696: 694:Paul Samuelson 691: 686: 681: 676: 671: 666: 661: 656: 651: 649:MichaĹ‚ Kalecki 646: 641: 636: 631: 626: 621: 616: 611: 606: 601: 595: 590: 589: 586: 585: 582: 581: 576: 571: 569:Disequilibrium 566: 565: 564: 557:Post-Keynesian 554: 549: 548: 547: 537: 526: 525: 520: 515: 510: 505: 504: 503: 493: 488: 487: 486: 481: 467: 462: 461: 458: 457: 454: 453: 448: 443: 438: 433: 427: 425:Related fields 424: 423: 420: 419: 416: 415: 410: 405: 400: 395: 390: 389: 388: 378: 373: 368: 363: 358: 353: 351:Phillips curve 348: 343: 338: 333: 328: 322: 319: 318: 315: 314: 311: 310: 305: 300: 295: 290: 284: 281: 280: 277: 276: 273: 272: 267: 262: 257: 252: 247: 242: 237: 232: 231: 230: 220: 215: 214: 213: 203: 201:Money creation 198: 197: 196: 186: 181: 180: 179: 174: 169: 159: 157:Liquidity trap 154: 149: 144: 143: 142: 137: 127: 122: 117: 116: 115: 110: 102: 97: 92: 87: 82: 77: 75:Business cycle 72: 67: 61: 59:Basic concepts 58: 57: 54: 53: 45: 44: 42:Macroeconomics 38: 37: 24: 14: 13: 10: 9: 6: 4: 3: 2: 2820: 2809: 2806: 2804: 2801: 2799: 2796: 2795: 2793: 2779: 2776: 2774: 2771: 2769: 2766: 2764: 2761: 2759: 2756: 2754: 2751: 2748: 2740: 2737: 2734: 2730: 2727: 2725: 2722: 2720: 2717: 2716: 2712: 2710: 2706: 2700: 2699: 2695: 2693: 2690: 2688: 2685: 2683: 2680: 2678: 2675: 2673: 2670: 2668: 2665: 2663: 2660: 2658: 2655: 2653: 2650: 2648: 2645: 2643: 2640: 2638: 2635: 2633: 2630: 2628: 2625: 2623: 2620: 2618: 2615: 2613: 2610: 2608: 2605: 2603: 2600: 2598: 2595: 2593: 2590: 2588: 2585: 2583: 2580: 2578: 2575: 2573: 2570: 2568: 2565: 2563: 2560: 2558: 2555: 2553: 2550: 2548: 2545: 2543: 2540: 2538: 2535: 2533: 2530: 2528: 2525: 2523: 2520: 2518: 2515: 2513: 2510: 2508: 2505: 2503: 2500: 2498: 2495: 2493: 2490: 2488: 2485: 2483: 2480: 2478: 2475: 2473: 2470: 2468: 2465: 2463: 2460: 2458: 2455: 2453: 2450: 2448: 2445: 2443: 2440: 2438: 2435: 2433: 2430: 2428: 2425: 2423: 2420: 2418: 2415: 2413: 2410: 2408: 2405: 2403: 2400: 2398: 2395: 2393: 2390: 2388: 2385: 2383: 2380: 2378: 2375: 2373: 2370: 2368: 2365: 2363: 2362:de Mandeville 2360: 2359: 2357: 2353: 2348: 2342: 2339: 2337: 2334: 2332: 2329: 2327: 2324: 2322: 2319: 2317: 2314: 2310: 2307: 2306: 2305: 2304:New classical 2302: 2298: 2295: 2294: 2293: 2290: 2288: 2285: 2283: 2280: 2276: 2273: 2272: 2271: 2268: 2266: 2263: 2261: 2260:Malthusianism 2258: 2252: 2249: 2248: 2247: 2244: 2242: 2239: 2236: 2232: 2229: 2228: 2227: 2224: 2222: 2221:Institutional 2219: 2217: 2214: 2212: 2209: 2207: 2204: 2202: 2199: 2197: 2194: 2192: 2189: 2187: 2184: 2182: 2179: 2177: 2174: 2172: 2169: 2167: 2164: 2162: 2159: 2155: 2152: 2151: 2150: 2147: 2145: 2142: 2140: 2137: 2135: 2132: 2128: 2125: 2124: 2123: 2120: 2118: 2115: 2113: 2110: 2108: 2105: 2103: 2100: 2099: 2097: 2092: 2087: 2082: 2074: 2071: 2069: 2066: 2064: 2061: 2059: 2056: 2054: 2051: 2049: 2046: 2044: 2041: 2039: 2036: 2034: 2031: 2029: 2025: 2024:Public choice 2022: 2020: 2017: 2015: 2012: 2010: 2007: 2005: 2002: 2000: 1999:Participation 1997: 1995: 1992: 1990: 1987: 1985: 1982: 1980: 1977: 1975: 1972: 1970: 1967: 1965: 1962: 1960: 1959:Institutional 1957: 1955: 1952: 1950: 1947: 1945: 1942: 1940: 1937: 1935: 1932: 1930: 1927: 1925: 1922: 1920: 1917: 1915: 1912: 1910: 1909:Expeditionary 1907: 1905: 1902: 1900: 1899:Environmental 1897: 1895: 1892: 1890: 1887: 1885: 1882: 1880: 1877: 1875: 1872: 1870: 1867: 1865: 1862: 1860: 1857: 1855: 1852: 1850: 1847: 1845: 1842: 1841: 1837: 1835: 1831: 1825: 1822: 1820: 1817: 1813: 1810: 1809: 1808: 1805: 1804: 1802: 1800: 1796: 1790: 1787: 1785: 1782: 1778: 1775: 1774: 1773: 1770: 1768: 1765: 1763: 1760: 1758: 1755: 1751: 1748: 1746: 1743: 1741: 1738: 1736: 1733: 1731: 1728: 1727: 1726: 1723: 1722: 1720: 1718: 1714: 1710: 1703: 1698: 1696: 1691: 1689: 1684: 1683: 1680: 1673: 1670: 1669: 1665: 1660: 1656: 1653: 1649: 1647: 1645: 1642: 1639: 1635: 1632: 1628: 1626: 1623: 1622: 1617: 1614: 1611: 1607: 1604: 1600: 1599: 1595: 1587: 1583: 1580: 1574: 1571: 1564: 1561: 1557: 1553: 1548: 1545: 1542: 1539: 1535: 1530: 1527: 1521: 1518: 1514: 1508: 1505: 1501: 1495: 1492: 1488: 1482: 1479: 1466: 1460: 1457: 1453: 1447: 1444: 1438: 1435: 1432: 1428: 1414: 1408: 1405: 1399: 1396: 1389: 1384: 1381: 1379: 1376: 1374: 1371: 1369: 1366: 1364: 1361: 1359: 1356: 1354: 1351: 1348: 1345: 1343: 1340: 1338: 1335: 1333: 1330: 1327: 1324: 1322: 1319: 1318: 1313: 1311: 1303: 1299: 1296: 1295: 1294: 1291: 1287: 1283: 1279: 1275: 1271: 1262: 1260: 1254: 1252: 1246: 1244: 1240: 1236: 1235:surplus value 1232: 1228: 1224: 1223:value product 1220: 1212: 1210: 1208: 1204: 1200: 1196: 1194: 1189: 1182: 1179: 1175: 1174: 1173: 1170: 1168: 1163: 1159: 1151: 1149: 1147: 1142: 1139: 1136: 1131: 1129: 1124: 1118: 1112: 1108: 1104: 1101: 1098: 1097: 1096: 1089: 1084: 1082: 1079: 1077: 1073: 1069: 1065: 1061: 1056: 1054: 1051: 1044: 1042: 1041: 1038: 1036: 1031: 1027: 1021: 1019: 1016: 1012: 1006: 1002: 999: 996: 993: 991: 987: 984: 981: 978: 975: 971: 970: 966: 961: 955: 951: 947: 943: 940: 939: 938: 932: 930: 926: 924: 915: 913: 911: 906: 901: 899: 895: 891: 887: 883: 879: 875: 871: 867: 855: 850: 848: 843: 841: 836: 835: 833: 832: 827: 822: 817: 815: 805: 804: 803: 802: 795: 792: 790: 787: 785: 782: 778: 775: 774: 773: 770: 768: 765: 763: 760: 759: 753: 752: 745: 742: 740: 737: 735: 732: 730: 727: 725: 722: 720: 719:Peter Diamond 717: 715: 712: 710: 707: 705: 704:Edmund Phelps 702: 700: 697: 695: 692: 690: 687: 685: 682: 680: 679:Richard Stone 677: 675: 672: 670: 667: 665: 664:Joan Robinson 662: 660: 659:Simon Kuznets 657: 655: 654:Gunnar Myrdal 652: 650: 647: 645: 642: 640: 637: 635: 632: 630: 629:Irving Fisher 627: 625: 624:Knut Wicksell 622: 620: 617: 615: 612: 610: 607: 605: 602: 600: 597: 596: 593: 588: 587: 580: 577: 575: 572: 570: 567: 563: 560: 559: 558: 555: 553: 550: 546: 543: 542: 541: 538: 536: 533: 532: 531: 530: 524: 521: 519: 516: 514: 511: 509: 506: 502: 499: 498: 497: 496:New classical 494: 492: 489: 485: 482: 480: 477: 476: 475: 472: 471: 470: 465: 460: 459: 452: 449: 447: 444: 442: 439: 437: 434: 432: 429: 428: 422: 421: 414: 411: 409: 406: 404: 401: 399: 396: 394: 391: 387: 384: 383: 382: 379: 377: 374: 372: 369: 367: 364: 362: 359: 357: 354: 352: 349: 347: 344: 342: 339: 337: 334: 332: 329: 327: 324: 323: 317: 316: 309: 306: 304: 301: 299: 296: 294: 291: 289: 286: 285: 279: 278: 271: 268: 266: 263: 261: 258: 256: 253: 251: 250:Shrinkflation 248: 246: 243: 241: 238: 236: 233: 229: 226: 225: 224: 221: 219: 216: 212: 209: 208: 207: 204: 202: 199: 195: 192: 191: 190: 187: 185: 182: 178: 175: 173: 170: 168: 165: 164: 163: 160: 158: 155: 153: 150: 148: 147:Interest rate 145: 141: 138: 136: 133: 132: 131: 128: 126: 123: 121: 118: 114: 111: 109: 106: 105: 104:Expectations 103: 101: 98: 96: 93: 91: 88: 86: 83: 81: 78: 76: 73: 71: 68: 66: 63: 62: 56: 55: 51: 47: 46: 43: 39: 35: 31: 30: 27: 19: 2773:Publications 2729:Publications 2696: 2292:Neoclassical 2282:Mercantilism 2191:Evolutionary 2053:Sociological 2026: / 1924:Geographical 1904:Evolutionary 1879:Digitization 1844:Agricultural 1807:Econometrics 1735:Price theory 1658: 1643: 1624:, June 1990 1619: 1609: 1602: 1573: 1563: 1555: 1552:Anwar Shaikh 1547: 1537: 1529: 1520: 1512: 1511:Maria Mies, 1507: 1499: 1494: 1486: 1481: 1469:. Retrieved 1459: 1451: 1446: 1437: 1430: 1426: 1417:. Retrieved 1407: 1398: 1308: 1292: 1288: 1284: 1280: 1276: 1274:in Europe". 1272: 1268: 1258: 1255: 1247: 1230: 1226: 1216: 1197: 1190: 1186: 1171: 1155: 1143: 1140: 1134: 1132: 1125: 1122: 1093: 1080: 1057: 1048: 1034: 1032: 1028: 1025: 1022:Developments 1017: 1013: 1010: 974:gross output 936: 927: 922: 919: 904: 902: 877: 873: 869: 865: 863: 739:Paul Krugman 684:Hyman Minsky 644:Alvin Hansen 528: 527: 468: 431:Econometrics 408:Overshooting 361:Harrod–Domar 356:Arrow–Debreu 303:Central bank 270:Unemployment 260:Supply shock 227: 218:Money supply 95:Disinflation 90:Demand shock 26: 2567:von Neumann 2336:Supply-side 2321:Physiocracy 2265:Marginalism 1954:Information 1894:Engineering 1874:Development 1869:Demographic 1740:Game theory 1717:Theoretical 1672:UN.SNA.2008 1471:16 February 1419:16 February 1219:value added 1188:housework. 619:LĂ©on Walras 513:Supply-side 346:Accelerator 255:Stagflation 240:Price level 135:Demand-pull 2792:Categories 2724:Economists 2597:Schumacher 2502:Schumpeter 2472:von Wieser 2392:von ThĂĽnen 2352:Economists 2251:Circuitism 2216:Humanistic 2211:Historical 2186:Ecological 2176:Democratic 2149:Chartalism 2139:Behavioral 2102:Mainstream 2063:Statistics 2058:Solidarity 1979:Managerial 1944:Humanistic 1939:Historical 1884:Ecological 1849:Behavioral 1596:References 1162:Maria Mies 1128:net output 1068:World Bank 905:as a guide 890:World Bank 674:John Hicks 604:Adam Smith 562:Circuitism 552:Ecological 540:Chartalism 491:Monetarism 469:Mainstream 366:Solow–Swan 341:Multiplier 298:Commercial 194:Endogenous 152:Investment 2642:Greenspan 2607:Samuelson 2587:Galbraith 2557:Tinbergen 2497:von Mises 2492:Heckscher 2452:Edgeworth 2331:Stockholm 2326:Socialist 2226:Keynesian 2206:Happiness 2166:Classical 2127:Mutualism 2122:Anarchist 2107:Heterodox 2004:Personnel 1964:Knowledge 1929:Happiness 1919:Financial 1889:Education 1864:Democracy 1799:Empirical 1709:Economics 1326:China GDP 1249:kinds). " 1106:headings. 1085:Criticism 772:Economics 614:Karl Marx 529:Heterodox 508:Stockholm 474:Keynesian 245:Recession 140:Cost-push 130:Inflation 85:Deflation 2753:Category 2733:journals 2719:Glossary 2672:Stiglitz 2637:Rothbard 2617:Buchanan 2602:Friedman 2592:Koopmans 2582:Leontief 2562:Robinson 2447:Marshall 2297:Lausanne 2201:Georgism 2196:Feminist 2144:Buddhist 2134:Austrian 2033:Regional 2009:Planning 1984:Monetary 1914:Feminist 1859:Cultural 1854:Business 1582:Archived 1314:See also 1310:bounds. 1074:(OECD), 1062:(UNSD), 949:reasons. 898:Eurostat 756:See also 535:Austrian 293:Monetary 282:Policies 113:Rational 108:Adaptive 34:a series 32:Part of 2768:Outline 2739:Schools 2731: ( 2692:Piketty 2687:Krugman 2552:Kuznets 2542:Kalecki 2517:Polanyi 2407:Cournot 2402:Bastiat 2387:Ricardo 2377:Malthus 2367:Quesnay 2270:Marxian 2161:Chicago 2091:history 2086:Schools 2073:Welfare 2043:Service 1834:Applied 1259:leading 1066:(IMF), 777:Applied 574:Marxian 464:Schools 2677:Thaler 2657:Ostrom 2652:Becker 2647:Sowell 2627:Baumol 2532:Myrdal 2527:Sraffa 2522:Frisch 2512:Knight 2507:Keynes 2482:Fisher 2477:Veblen 2462:Pareto 2442:Menger 2437:George 2432:Jevons 2427:Walras 2417:Gossen 2341:Thermo 2019:Public 2014:Policy 1969:Labour 1934:Health 1305:data." 1070:(WB), 896:, and 892:, the 888:, the 592:People 320:Models 288:Fiscal 265:Saving 125:Growth 2763:Lists 2758:Index 2709:Lists 2682:Hoppe 2667:Lucas 2632:Solow 2622:Arrow 2612:Simon 2577:Lange 2572:Hicks 2547:Röpke 2537:Hayek 2487:Pigou 2457:Clark 2372:Smith 2287:Mixed 2246:Post- 2068:Urban 2048:Socio 2038:Rural 1568:2007. 1390:Notes 1301:past. 1110:data. 910:China 878:UNSNA 413:NAIRU 331:AD–AS 326:IS–LM 189:Money 2698:more 2422:Marx 2412:Mill 2397:List 2275:Neo- 2231:Neo- 1473:2023 1429:and 1421:2023 1229:and 1160:and 988:the 864:The 479:Neo- 386:DSGE 80:CAGR 2662:Sen 2382:Say 2241:New 1974:Law 1221:or 1207:ILO 1135:use 876:or 870:SNA 484:New 228:SNA 177:NNI 172:GNI 167:GDP 2794:: 1055:. 900:. 36:on 2735:) 2237:) 2233:( 2093:) 2089:( 1701:e 1694:t 1687:v 1654:. 1475:. 1423:. 1177:; 1007:) 976:) 853:e 846:t 839:v 20:)

Index

United Nations System of National Accounts
a series
Macroeconomics
Federal Reserve
Aggregate demand
Aggregate supply
Business cycle
CAGR
Deflation
Demand shock
Disinflation
Effective demand
Adaptive
Rational
Financial crisis
Growth
Inflation
Demand-pull
Cost-push
Interest rate
Investment
Liquidity trap
Measures of national income and output
GDP
GNI
NNI
Microfoundations
Money
Endogenous
Money creation

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