The System of National Accounts and Alternative Economic Perspectives

50 Pages Posted: 19 Sep 2015

See all articles by Alice Orcutt Nakamura

Alice Orcutt Nakamura

University of Alberta - School of Business

Leonard I. Nakamura

Federal Reserve Banks - Federal Reserve Bank of Philadelphia

Date Written: September 2015

Abstract

Brent Moulton and Nicole Mayerhauser (2015) point out that, for more than 50 years, economists have featured the concept of human capital in their models of labor, growth, productivity, and distribution of income. The authors recommend the addition to the System of National Accounts (SNA) of supplemental person-level accounts: i.e., a System of Person Accounts (SPA). They see this as the best way of recognizing the processes of human capital creation as well as related issues of how income is distributed among individuals and families. The authors argue that this change would support three different perspectives from which economic activity can be viewed: (1) a current period outcomes perspective, (2) a risky possibilities perspective, and (3) a resources perspective. Moreover, these gains could be realized without changing the SNA in any substantial respects.

Keywords: National Income Accountings, Person Accounts, Microdata, Human Capital, Risk, Capability, Welfare

JEL Classification: C81, C82, D60

Suggested Citation

Nakamura, Alice Orcutt and Nakamura, Leonard I., The System of National Accounts and Alternative Economic Perspectives (September 2015). FRB of Philadelphia Working Paper No. 15-32, Available at SSRN: https://ssrn.com/abstract=2662449 or http://dx.doi.org/10.2139/ssrn.2662449

Alice Orcutt Nakamura

University of Alberta - School of Business ( email )

2-32C Business Building
Edmonton, Alberta T6G 2R6
Canada

Leonard I. Nakamura (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Philadelphia ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States
215-574-3804 (Phone)
215-574-4364 (Fax)

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
61
Abstract Views
445
rank
423,853
PlumX Metrics