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Book Chapter10.1007/978-1-349-08452-4_3

The Evaluation of ‘Social Income’: Capital Formation and Wealth

Paul A. Samuelson-1961-01-01-Palgrave Macmillan UK eBooks
160

TL;DRAbstract

An earlier paper1 dealt with problems of interpreting aggregate data on production and consumption. The present paper explores theoretical problems raised for national income calculation by investment, technological change, and uncertainty windfalls. It purposely works with simple and strong models so that the intrinsic difficulties will not be obscured by observational difficulties of detail. Government expenditure and taxes are throughout ignored.

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An earlier paper1 dealt with problems of interpreting aggregate data on production and consumption. The present paper explores theoretical problems raised for national income calculation by investment, technological change, and uncertainty windfalls. It purposely works with simple and strong models so that the intrinsic difficulties will not be obscured by observational difficulties of detail. Government expenditure and taxes are throughout ignored.

Keywords

Consumption (sociology)EconomicsInvestment (military)Production (economics)Aggregate (composite)Simple (philosophy)Capital (architecture)Government (linguistics)

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