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The current resolution concerning statistics of the economically active population, employment, unemployment and underemployment (13th ICLS 1982), is recognized worldwide. Official national statistics for these topics are largely based on these standards. Not only do the standards define who is to be counted as employed and as unemployed, they also set the scope of measurement … Continue reading »
What predicts the evolution over time of subjective well-being? GDP or Social Capital? We correlate the trends of subjective well-being with the trends of Social Capital and/or GDP. We find that in the long and medium run Social Capital largely predicts the trends of subjective well-being. In the short-term this relationship weakens. GDP follows a … Continue reading »
Economic theories are based on money as the unit of accounting, measuring and exchange. This paper discusses the usage of Energy as a physical characteristic of all commodities, all goods and services as the numéraire for measuring the size of any given economy. Since monetary value is not a real characteristic of the commodities and … Continue reading »
What is wrong in the System of National Accounts (SNA)? This paper offers a new and simplified view of the role of national accounting methods and the metric used in empirical estimation of current economic activity (gross domestic product). To keep the things simple and to take the opportunity to explain this complex topic to … Continue reading »
Reproduction is infinitely renewable, continuous production process. This means that as a result of production its premises, conditions for continuing production are also reproduced. Without the understanding of this process, cannot be explained the functioning of economy, as an integrity, as a living organism. Neoclassical theory considers the production of goods as a unidirectional process … Continue reading »
This paper provides an introductory overview of the meaning and measurement of national accounts statistics. Attention is paid to the various uses of national accounts, the role of the international guidelines, the relationship with economic theoretic and administrative concepts and the measurement practice. The latter is also compared with compiling other statistics, econometric modelling and … Continue reading »
Summary. The lack of attention to the stock of debt and, to an extent, the flow of credit by central banks and central bankers was one of the reasons why the Great Financial Crisis took them by surprise. Their focus on consumer price inflation led them astray. This is remarkable, as the very monetary statistics … Continue reading »
Household production, defined in the narrow sense as production of services by members of the household for own consumption (such as cooking, cleaning, and childcare), have long been considered as an essential activity for maintaining living standards. In the latest UN System of National Accounts (SNA), the international statistical standard for the national accounts, these … Continue reading »
A critical metric in economics is missing: the Perpetual Debt Level. This is the amount of bank credit money in circulation that is not available on time nor free of any other debt, to extinguish the debt to a bank that created it. This creates a borrow from Peter to pay Paul and vice versa … Continue reading »
Much has been written about the nature of money, but almost all of it treats money as if it was synonymous with debt, i.e. as debt-money. However, there exists a class of sovereign money, largely unknown in our time, but prevalent in large quantities in Henry George’s time (1839 – 1897), which was written about, … Continue reading »