Economic Theory

An Introduction to National Accounts Statistics by R. Allen

By R. Allen

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8 shows how this share varies from one industrial group to another. It is far from uniform, as must be expected from the variety of economic activity. At one end of the spectrum, the ownership of dwellings has no labour costs, all income being rent. 9 above). The share of employment income is low in agriculture and distribution, industries with much self-employment. The labour share is above average in industrial production, though below average in transport and communication; here there are many labour-intensive as weil as some capital-intensive industries.

One adjustment needs to be made before a balance is struck. Personal transfers to abroad are met partly by transfers to the personal sector from abroad (not in personal income) and partly out ofincome. It follows that the excess oftransfers to abroad over those from abroad is an additional entry on the expenditure side. The balance in the account appears on the expenditure side and it is to be interpreted as saving by the personal sector. Taxes are shown in the account as those actually paid. 1.

The adjustment to the income and output measures is: first deduct (B) as incorrectly included and then add the correct (A). The net deduction is (B)-(A), given the label stock appreciation. It represents that part of the increase in book values of stocks which arises from price movements rather than from physical 34 An Introduction to National Accounts Statistics changes in stocks held. It is positive when prices are generally rising, the case usually found in practice. It is possible, however, for prices generally to fall and hence to make stock appreciation negative.

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