By Utz-Peter Reich
Utz-Peter Reich addresses economists attracted to a valid empirical origin for his or her theoretical options. He investigates financial worth and determines how price is outlined in thought, that is microeconomic, and the way it's measured in perform in nationwide bills. He demonstrates that microeconomic concept isn't really made to steer or interpret nationwide debts figures and he deals another conception.
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Additional resources for National Accounts and Economic Value: A Study in Concepts
Sample text
If the economy is in equilibrium, implying that all three markets ± product, labour and capital ± are in mutual equilibrium, households' intention to save will match firms' desire to accumulate. This does not mean that businesses would work without profit, but that they would distribute all of their profit to their shareholders and let them decide about its use. A positive residual of undistributed profit would then indicate overaccumulation ± that is, the producers would have invested more than households were willing to save ± while a negative figure would mean undersaving of households.
But in terms of theory, output is a complex aggregate, consisting of a registration of sales (pure transaction) and an imputation of internal worth increase. 6. The message of this account is quite different from that of its predecessor. 5, labour of 100 was expended to produce output worth 90. Taking account of internal accumulation, the same labour can now be shown to have produced an output worth 105. While in the pure transaction account it looks as though the credit mechanism financed wages, the correct imputation shows that in terms of finance this may have been the case, but in terms of economic resources it was not.
The theoretical concept of activity can be fruitfully translated into operational language by stating that in the resident unit there should be employment. , para. 12). , para. 14). This seems to indicate that mere ownership suffices to make the owner an economic resident. But, somewhat obviously, it is also said that land and buildings can only be used for purposes of production in the country in which they are located. So in the end the activity point of view prevails. If the owner of the structures is a nonresident a notional institutional unit is created for the land and buildings in much the same way as a domestic quasi-corporation is separated from its owner.