By National Research Council, Panel to Study the Design of Nonmarket Accounts, Committee on National Statistics, Division of Behavioral and Social Sciences and Education, Katharine G. Abraham, Christopher Mackie

The nationwide source of revenue and product bills that underlie gross household product (GDP), including different key financial data—price and employment statistics— are standard as signs of the way good the kingdom is doing. GDP, besides the fact that, is concentrated at the construction of products and prone bought in markets and divulges particularly little approximately very important creation in the house and different parts open air of markets. a suite of satellite tv for pc accounts—in components reminiscent of health and wellbeing, schooling, volunteer and residential construction, and environmental development or pollution—would give a contribution to a greater realizing of significant concerns with regards to monetary progress and societal wellbeing and fitness.

Beyond the industry: Designing Nonmarket debts for the U.S. hopes to inspire social scientists to make additional efforts and contributions within the research of nonmarket actions and in corresponding info assortment and accounting structures. The ebook illustrates new facts assets and new principles that experience more suitable the clients for growth.

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Extra info for Beyond the Market: Designing Nonmarket Accounts for the United States

Sample text

The BEA has long conducted research on topics beyond the scope of the conventional accounts. A representa- 17 INTRODUCTION tive BEA definition of satellite accounts is as follows (Bureau of Economic Analysis, 1994a, p. 41): [S]atellite accounts are frameworks designed to expand the analytical capacity of the economic accounts without overburdening them with detail or interfering with their general purpose orientation. Satellite accounts, which are meant to supplement, rather than replace, the existing accounts, organize information in an internally consistent way that suits the particular analytical focus at hand, while maintaining links to the existing accounts.

Capital-market constraints, such as those that might arise from lenders’ reluctance to finance the production of assets that cannot be marketed and therefore cannot readily serve as loan collateral, may be particualrly important in the nonmarket context. Absent capital market constraints, larger investments might be made. Because the amount of investment is constrained, however, the return on investments that do occur will be higher than the market rate of return. Valuing nonmarket investments in a fashion that ignores this possibility by, in effect, imposing an assumed normal rate of return—for example, valuing educational 25 INTRODUCTION output based on the costs of inputs employed—could lead to a figure less than the true value of the asset produced.

For people who work in the market, the market wage rate commonly is used as a measure of opportunity cost; for those who do not, a market wage must be imputed. Having said this, it should be recognized that people perform activities at home at different times of the day, week, and year than those they perform in the market. The marginal wage rate that a person might obtain in the market at the times many household activities are performed is unlikely to equal the average wage rate the person receives for his market activities.

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