By Dale W. Jorgenson, J. Steven Landefeld, Visit Amazon's William D. Nordhaus Page, search results, Learn about Author Central, William D. Nordhaus,
A brand new structure for the U.S. nationwide debts brings jointly a distinct staff of individuals to start up the improvement of a complete and completely built-in set of usa nationwide debts. the aim of the recent structure is not just to combine the prevailing structures of debts, but additionally to spot gaps and inconsistencies and extend and comprise structures of nonmarket money owed with the center system. because the usa economic system money owed for nearly thirty percentage of the realm economic climate, it isn't extraordinary that accounting for this large and various set of financial actions calls for a decentralized statistical approach. This quantity outlines the key assignments between associations that come with the Bureau of financial research, the Bureau of work records, the dept of work, the Census Bureau, and the Governors of the Federal Reserve System. an enormous a part of the incentive for the hot structure is to combine the various elements and cause them to constant. This quantity is step one towards reaching that target.
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Extra info for A New Architecture for the U.S. National Accounts (National Bureau of Economic Research Studies in Income and Wealth)
These services are also a source of income and a form of expenditures in the income and expenditures account. Our proposed treatment of consumer durables has the advantage of accounting for owned and rented assets in the same way, following the BEA’s treatment of owner-occupied and renter-occupied housing. The principal disadvantage is that the scope of the GDP and the corresponding measure of GDI must be increased. The argument for this change is that the BEA already compiles detailed accounts for investment and stocks of consumer durables as part of its accounts for reproducible assets.
SNA 1993, for example, presents household incomes in several separate accounts (generation of income, allocation of primary income, secondary distribution of income, redistribution of income, and use of income accounts). In NIPA account 3, the personal income and outlay account, all sources of personal income are consolidated. For example, wages, salaries, dividends, taxes, and transfer payments are all included in the consolidated personal income and outlay account. There are also counterentries for System of national accounts 1993 Nonfinancial corporations Source: United Nations et al.
In general, most observers reviewing the history of the accounts have concluded that the basic structure and concepts are sound and that the Department of Commerce and BEA have done a good job of updating the accounts to keep pace with changes in the economy and in policy needs. As Federal Reserve Board Chairman Alan Greenspan said in reviewing the history of the accounts: the Department of Commerce has treated the national income accounts, and specifically the GDP, as living documents; that is, an endeavor to recognize that the American economy is continuously changing.
A New Architecture for the U.S. National Accounts (National Bureau of Economic Research Studies in Income and Wealth) by Dale W. Jorgenson, J. Steven Landefeld, Visit Amazon's William D. Nordhaus Page, search results, Learn about Author Central, William D. Nordhaus,