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Measuring the Subjective Well-Being of NationsNational Accounts of Time Use and Well-Being$
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Alan B. Krueger

Print publication date: 2009

Print ISBN-13: 9780226454566

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226454573.001.0001

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National Time Accounting and National Economic Accounting

National Time Accounting and National Economic Accounting

(p.113) 4 National Time Accounting and National Economic Accounting
Measuring the Subjective Well-Being of Nations
J. Steven Landefeld, Shaunda Villones
University of Chicago Press

This chapter provides a comparison of the National Time Accountings (NTAs) to the U.S. national economic accounts, that is, the National Income and Products Accounts (NIPAs). Like the NIPAs, which are a comprehensive measure of market activity and its components, the NTAs are designed as a comprehensive measure of total utility and its parts. The NTAs avoid the long-standing problem of many well-being indicators that put a subjective value, or weight, on the various indicators used to develop an index of well-being. Although the NTAs are not a double-entry accounting system, they can be imagined as being combined with a set of household production accounts to produce a set of input-output accounts. If the U-index or net affect indexes change slowly, then the NTAs probably do not need to be constructed or released in as timely a manner as the NIPAs.

Keywords:   National Time Accountings, NTAs, National Income and Products Accounts, NIPAs, market activity, well-being indicators, double-entry accounting system, U-index

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