The Role of Statistics in the United States’ Economic Future

J. Landefeld and Shaunda Villones
Additional contact information
Shaunda Villones: Bureau of Economic Analysis

Chapter 2 in The Global Macro Economy and Finance, 2012, pp 25-37 from Palgrave Macmillan

Abstract: Abstract The national accounts were developed to address the paucity of comprehensive and consistent data confronting decision makers during the Great Depression. Over the intervening years, the accounts have served macroeconomic policy makers well, contributing to the unprecedented period of post-World War II economic growth and prosperity. Despite this success, there have been continuing calls — including those by the founder of US accounts, Simon Kuznets — for an expansion of the accounts to cover household production, environmental externalities, and other near-market and non-market activities that affect households’ wellbeing. One of the most eloquent critiques of the focus on GDP as a measure of society’s progress was made by Robert F. Kennedy: Too much and too long, we seem to have surrendered community excellence and community values in the mere accumulation of material things. Our gross national product, if we should judge America by that, counts air pollution and cigarette advertising, and ambulances to clear our highways of carnage. It counts special locks for our doors … Yet the gross national product does not allow for the health of our children, the quality of their education, or the joy of their play … it measures everything, in short, except that which makes life worthwhile. And it tells us everything about America except why we are proud that we are Americans.1 Robert F. Kennedy, Address, University of Kansas, Lawrence, Kansas, 18 March 1968

Keywords: Gross Domestic Product; Housing Price; Stock Prex; Personal Income; National Account (search for similar items in EconPapers)
Date: 2012
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-137-03425-0_3

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137034250

DOI: 10.1057/9781137034250_3

Access Statistics for this chapter

More chapters in International Economic Association Series from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().