TAILIEUCHUNG - LECTURE NOTES ON NATIONAL INCOME ACCOUNTING

Environmental accounting information need not be the product of accountants, nor need it be used by accountants. Instead, it is any information with either explicit or implicit financial content that is used as an input to a firm's decision-making. Product designers, financial analysts, and facility managers are equally likely to be the users of environmental accounting data. Almost any type of information collected and analyzed by firms will qualify. Examples include input prices, technical and scientific studies that relate production processes to physical outputs, and legal, marketing, and financial analyses | Lecture Notes on National Income Accounting Barry w. Ickes Fall 1999 1. National Income Accounting The purpose of National Income Accounting is to obtain some measure of the performance of the aggregate economy. In microeconomics we study phenomena for which there are natural analogues in the real world we have all paid a price and held an apple. In macroeconomics however the phenomena are constructs informed by theory. You cannot observe a price level or GNP. In empirical work however we do have to measure these things. we must then be careful as to their definition for the actual practice of collection can differ from what we expect the variables to be. As economists our primary concern is with agents welfare. Hence our concern with standards of living or utility. But we cannot measure utility. The next best thing is to consider consumption. Note however that one can enjoy higher utility today by consuming all of one s wealth. This suggests that we should focus on consumption levels that are sustainable. This amount that can be consumed per period while maintaining wealth intact. Measuring an economy s permanent income would be quite difficult however so we focus on current receipts. In most periods this is not a big problem since in the aggregate borrowers and lenders cancel out. Some might argue however that aggregate US consumption in the 1980 s was above sustainable levels as evidenced by the trade deficits. A similar case can be made now about the stock market-led boom of the late 1990 s. Our measure of aggregate performance should reflect supportable consumption. Therefore we should exclude intermediate production. This follows from the principle that it is output and not inputs that yield utility. Similarly we must net out that portion of output devoted to replacing depreciating capital since it does not afford extra output. But this introduces a distortion into the National Income Accounts for new investment goods may not be identical to those they .

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