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A New Architecture for the U.S. National Accounts$
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Dale W. Jorgenson, J. Landefeld, and William D. Nordhaus

Print publication date: 2006

Print ISBN-13: 9780226410845

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226410876.001.0001

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Principles of National Accounting For Nonmarket Accounts

Principles of National Accounting For Nonmarket Accounts

Chapter:
(p.143) 3 Principles of National Accounting For Nonmarket Accounts
Source:
A New Architecture for the U.S. National Accounts
Author(s):
William D. Nordhaus
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226410876.003.0004

This chapter considers the major conceptual issues in nonmarket accounting and discusses the major principles that might be used in the design and implementation of a set of augmented national accounts. It recommends that use of the National Economic Accounts (NEA) as a guiding principle for the nonmarket accounts under which nonmarket goods and services are treated as if they were produced and consumed as market activities. This chapter also suggests that augmented national accounts should address major conceptual issues by measuring income and output in ways that best correspond to net economic welfare and they should include both market and nonmarket activities.

Keywords:   nonmarket accounting, augmented national accounts, National Economic Accounts, net economic welfare, nonmarket goods

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