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Measuring Economic Sustainability and Progress$
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Dale W. Jorgenson, J. Steven Landefeld, and Paul Schreyer

Print publication date: 2014

Print ISBN-13: 9780226121338

Published to Chicago Scholarship Online: May 2015

DOI: 10.7208/chicago/9780226121475.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 04 August 2021

Expanded Measurement of Economic Activity

Expanded Measurement of Economic Activity

Progress and Prospects

(p.25) 2 Expanded Measurement of Economic Activity
Measuring Economic Sustainability and Progress

Katharine G. Abraham

University of Chicago Press

The National Income and Product Accounts (NIPAs), produced by the Bureau of Economic Analysis (BEA), provide policy makers with critical information on current economic conditions and their creation has been recognized as a signature accomplishment. Despite their value for many purposes, the limitations of the NIPAs also have long been recognized. The existing accounts offer a framework on which a set of expanded economic accounts designed to meet additional needs can be built. There are multiple possible objectives for such an expanded set of accounts. First, expanded accounts might provide more complete measures of investment in capital—broadly speaking, any stock that contributes to the nation’s future productive capacity—that include the household investments in education that are so critically important in a knowledge economy. Second, expanded accounts could provide more accurate measures of output and productivity in key sectors such as education, health and government. Third, expanded accounts could contribute to the assessment of trends in societal welfare or well-being. Information on how the output of a society is distributed could be an important part of this.

Keywords:   National Income and Product Accounts, NIPA, expanded accounts, satellite accounts, investment in capital, human capital, output, productivity, well being

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