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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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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: 22 September 2021

The “Architecture” of Capital Accounting

The “Architecture” of Capital Accounting

Basic Design Principles

(p.193) 5 The “Architecture” of Capital Accounting
A New Architecture for the U.S. National Accounts
Charles R. Hulten
University of Chicago Press

This chapter discusses the design principles of a set of income and product accounts based on the circular flow model (CFM) of payments and goods. It explains that the analysis of capital within the context of the CFM also yields insights into specific accounting practices. The CMF treats production and consumption as separate economic activities and it provides flexible infrastructure for incorporating theoretical developments that improve the value of the accounts to the various user communities. This chapter recommends moving current accounting practice toward the CFM structure, particularly in the field of national income and wealth accounting.

Keywords:   income and product accounts, circular flow model, accounting practices, production, consumption, national income accounting, wealth accounting

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