The interpretation of national income estimates

Abstract

Summaries of the flows of total expenditure and income in the economy and in the principal sectors comprising it have been used in many kinds of economic inquiry. In particular, information of this type helps in the examination of current trends in the level of economic activity. This has led to the preparation of social accounts by official statisticians in many countries. In this book an explanation of the nature and purpose of such statistics is given. Topics considered include the economic design of the social accounts, estimation and reliability of the figures, and the types of question which these data help to answer. Principles are explained, but by liberal use of examples and by constant attention to applications for which the data are intended, their discussion is kept on a practical plane. The book should be of value to anyone using national income and social accounting figures. It should be of particular interest to Australian readers, as the examples are drawn mostly from Australian data. However, the principles described have a general application, and some references to overseas practice are made where they are needed to keep the discussion in perspective.