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By National Research Council, Panel to Study the Design of Nonmarket Accounts, Committee on National Statistics, Division of Behavioral and Social Sciences and Education, Katharine G. Abraham, Christopher Mackie

The nationwide source of revenue and product debts that underlie gross household product (GDP), including different key fiscal data—price and employment statistics— are typical as signs of ways good the kingdom is doing. GDP, even though, is concentrated at the construction of products and prone offered in markets and divulges particularly little approximately very important creation in the house and different components outdoor of markets. a collection of satellite tv for pc accounts—in parts equivalent to overall healthiness, schooling, volunteer and residential construction, and environmental development or pollution—would give a contribution to a greater figuring out of significant matters on the topic of fiscal development and societal health.

Beyond the marketplace: Designing Nonmarket bills for the USA hopes to motivate social scientists to make extra efforts and contributions within the research of nonmarket actions and in corresponding facts assortment and accounting structures. The e-book illustrates new information assets and new principles that experience better the customers for growth.

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Additional resources for Beyond the Market: Designing Nonmarket Accounts for the United States

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The ease with which the quantity of nonmarket outputs can be measured varies widely. Relatively good data are available, for example, on the educational attainment of the working-age population. These data provide a starting point for quantifying the output of the educational sector. Changes in mortality and morbidity are similarly well documented and could provide a basis for quantifying changes in the health status of the population, particularly if combined with demographic data tracking changes in population mix.

Even in the case of near-market goods, market and nonmarket outputs may be imperfect substitutes, complicating comparisons of their value. More difficult yet are the cases in which a nonmarket good is an asset that has no direct market counterpart and is never sold. A possible approach in these cases may be to use market prices to value the stream of output produced by the asset over time and then to treat the present value of the returns as a measure of the asset’s value. This approach has a clear grounding in the standard theory that underlies the valuation of marketable capital assets and is the approach taken, for example, by Jorgenson and Fraumeni (1989, 1992) in their work on the valuation of investments in human capital.

Alternatively, policy makers may assign a value to the nonmarket output using subjective methods that are less defensible than the methods that would be employed by a statistical agency. In either case, there is a good argument for measurement specialists to provide estimates based on the best possible methods, even if these are highly imperfect, rather than leaving a statistical void. Another argument for attempting to assign monetary values to quantity indicators is that the effort filters out indicators that may be of minor economic importance.

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