Concept And Measurement Of National Income Pdf
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- National Income Accounts
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- National Income Concepts and Its Measurement | National Income
National income is an uncertain term which is used interchangeably with national dividend, national output and national expenditure.
National Income Accounts
N ational income accounts NIAs are fundamental aggregate statistics in macroeconomic analysis. The ground-breaking development of national income and systems of NIAs was one of the most far-reaching innovations in applied economics in the early twentieth century. NIAs provide a quantitative basis for choosing and assessing economic policies as well as making possible quantitative macroeconomic modeling and analysis. Combined with population data, national income accounts can provide a measure of well-being through per capita income and its growth over time. Combined with financial and monetary data, NIAs provide a guide to inflation policy. In emerging and transition economies , implementing a dependable and accurate system of NIAs is a crucial step in developing economic policy.
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A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product GDP , gross national product GNP , net national income NNI , and adjusted national income NNI adjusted for natural resource depletion — also called as NNI at factor cost. All are specially concerned with counting the total amount of goods and services produced within the economy and by various sectors. The boundary is usually defined by geography or citizenship, and it is also defined as the total income of the nation and also restrict the goods and services that are counted. Arriving at a figure for the total production of goods and services in a large region like a country entails a large amount of data-collection and calculation. Although some attempts were made to estimate national incomes as long ago as the 17th century,  the systematic keeping of national accounts , of which these figures are a part, only began in the s, in the United States and some European countries. The impetus for that major statistical effort was the Clutch Plague and the rise of Keynesian economics , which prescribed a greater role for the government in managing an economy, and made it necessary for governments to obtain accurate information so that their interventions into the economy could proceed as well-informed as possible. In order to count a good or service, it is necessary to assign value to it.
Not a MyNAP member yet? Register for a free account to start saving and receiving special member only perks. Natural and social scientists concerned about natural resources and the environment have endeavored to take the measure of nature. Measures used for this purpose range from those used to monitor the state of major environmental indicators, such as air and water quality, to analytical measures of major environmental aggregates. For the most part, however, measures of the economic contribution of natural resources and the environment have lagged behind physical measures. The slow development of economic measures is due to two major factors.
Understanding how national income is created is the starting point for macroeconomics. This relationship is expressed in the national income identity , where the amount received as national income is identical to the amount spent as national expenditure, which is also identical to what is produced as national output. Throughout macroeconomics the terms income, output and expenditure are interchangeable. See also: the circular flow of income. Since the s, the UK government has gathered detailed records of national income, though the collection of basic data goes back to the 17th Century.
CONCEPTS AND. MEASUREMENT Measurement of aational ancome. 2. Page 3. Definitions of National. Income. ewiseattle.orgll: The labour and capital of a.
National Income Concepts and Its Measurement | National Income
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