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 bills brings jointly a distinctive crew of members to start up the advance of a complete and completely built-in set of usa nationwide bills. the aim of the hot structure is not just to combine the prevailing structures of bills, but additionally to spot gaps and inconsistencies and extend and comprise platforms of nonmarket money owed with the middle system. because the usa economic system debts for nearly thirty percentage of the area economic climate, it's not striking that accounting for this massive and various set of monetary actions calls for a decentralized statistical process. This quantity outlines the most important assignments between associations that come with the Bureau of monetary research, the Bureau of work facts, the dept of work, the Census Bureau, and the Governors of the Federal Reserve System. a huge a part of the inducement for the recent structure is to combine different elements and lead them to constant. This quantity is step one towards reaching that objective.
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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)
Source data for expenditures and income are, in general, superior to the valueadded estimates (mainly due to inadequacies in the data on intermediate inputs). Clearly, a better approach would be the joint estimation of the expenditure, income, and production (value-added) estimates on a concurrent basis using a methodology that weights the relative quality of the source data and methods used in each technique. This would produce a common and, presumably, more accurate set of estimates that is balanced on an ongoing basis and consistent over time.
The economy’s uses of these productive natural assets and the goods and services they provide can be grouped into two general classes. When use of the natural asset permanently or temporarily reduces its quantity, this is viewed as involving a flow of a good or service, and the quantitative reduction in the asset is called depletion. When use of the natural asset reduces its quality, the qualitative reduction in the asset is called degradation. However, the use of natural assets describes only part of the interaction between the economy and the environment.
This reformulation of the production account has been advocated, historically, by Denison (1967) and Christensen and Jorgenson (1996). More recently, the proposal has been supported by Hill (1999), Jorgenson (2001), and Moulton (2004). The major challenge in implementing a consistent and integrated production account is the construction of a measure of GDI in constant prices. SNA 1993 and BLS (1993) have provided appropriate measures of the price and quantity of labor services. These can be combined with the price and quantity of capital services introduced by BLS (1983) to generate price and quantity indexes of GDI, as well as multifactor productivity.