The Total Incomes System of Accounts

Robert Eisner

The Total Incomes System of Accounts
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Robert Eisner

423 pages | © 1989
Cloth $80.00 ISBN: 9780226196381 Published December 1989
Conventional measures of national income and product and its components have proved enormously useful as indexes of economic activity and as the empirical foundations of much of macroeconomic analysis. Robert Eisner's The Total Incomes System of Accounts (TISA) brings critical new dimensions to those measures. It offers systematic extensions and expansions in an effort to count all of the output that goes into economic well-being, now and in the future.

Eisner counts nonmarket as well as market production, including vast amounts of services produced by housewives and others in the home, capital formation by government and households as well as business, human and intangible capital invested in education, R&D, and health care, as well as tangible capital. He offers measures of net revaluations of tangible assets, redefines the critical boundaries between final and intermediate outputs, and presents separate sector accounts for business, nonprofit institutions, government, government enterprises and households, which make clear the major contributions of nonbusiness sectors to our total national income.

For these and other extensions, Eisner's TISA offers detailed and comprehensive income and product accounts in current dollars and product accounts in constant dollars for all of the years from 1946 to 1981, along with measures of capital stocks. Estimates of consumption, investment, and production functions with the new data sets, a review of other sets of extended accounts, and a detailed description of sources and methods are also provided.
Contents
1. Introduction: Motivation for Change
Market and Nonmarket Output
Final and Intermediate Product
Gross Private Domestic Investment and Total Capital Formation
Issues of Valuation
2. Guiding Principles for Extended Accounts
Measure Final Product
Include Market and Nonmarket Output
Impute Incomes from Extended Output
Develop Comprehensive Measures of Investment
Include Investment in Intangible and Human Capital
Take into Account Revaluations or Capital Gains and Losses
Other Adjustments
Methods of Estimation
3. The Structure of TISA: The National Accounts
National Income and Product
Debits
Credits
4. The Sector Accounts
Business
Nonprofit Institutions
Government Enterprises
Government
Households
5. Constant-Dollar Accounts and Capital Stock Series
6. Substantive Highlights and Conclusions
 
Appendix A. Valuation of Household Work
Variety of Approaches
Individual Time Use
Aggregate Time Use and Value of Output
Findings
Appendix B. Expenses Related to Work
Method
Findings
Appendix C. Capital Formation and Capital Consumption in Land, Natural Resources, and the Environment
Appendix D. Some New Estimates of Old Relations
Production Functions
Consumption Functions
Investment Functions
Appendix E. A Survey of Revised and Extended Accounts
The MEW of Nordhaus and Tobin
The EAW of Zolotas
Accounts of Jorgenson and Associates
Kendrick's Adjusted GNP
Richard and Nancy Ruggles and the IEA
A Summary and Comparison
 
TISA Tables
1. National Income and Product Account
Debits
Credits
2. Business Income and Product
3. Nonprofit Income and Product
4. Government Enterprise Income and Product
5. Government Income and Product
6. Household Income and Product
7. Gross National Product, 1972 Dollars
8. Gross Business Product, 1972 Dollars
9. Gross Nonprofit Product, 1972 Dollars
10. Gross Government Enterprise Product, 1972 Dollars
11. Gross Government Product, 1972 Dollars
12. Gross Household Product, 1972 Dollars
13. Total Capital, Billions of Dollars
14. Total Capital, Billions of 1972 Dollars
15. Year-end Implicit Price Deflators for Capital
16. National Income and Product Account (Summary Statistics)
17. National Income and Product Account (TISA as Percent of BEA, Current Dollars)
18. National Income and Product Account (TISA as Percent of BEA, 1972 Dollars)
19. Current Dollar Sector Products
20. Constant Dollar Sector Products
21. Implicit Price Deflator and Inflation Rates, GNP and Components

Sources and Methods
1. National Income and Product Account
2. Business Income and Product
3. Nonprofit Income and Product
4. Government Enterprise Income and Product
5. Government Income and Product
6. Household Income and Product
7. Gross National Product in 1972 Dollars
8. Gross Business Product in 1972 Dollars
9. Gross Nonprofit Product in 1972 Dollars
10. Gross Government Enterprise Product in 1972 Dollars
11. Gross Government Product in 1972 Dollars
12. Gross Household Product in 1972 Dollars
13. Investment in Human Capital
14. Total Capital
Notes
References
Index

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