Accounting for Duality and Circularity

Mária Augusztinovics

Chapter 1 in Prices, Growth and Cycles, 1997, pp 1-18 from Palgrave Macmillan

Abstract: Abstract Double-entry bookkeeping has been one of the most ingenious inventions in economic history. It enabled merchants of the Middle Ages to account for negative balance at a time when negative numbers where not yet known and, more importantly, it grasped the inherent duality in economic processes. Most economists despise double-entry bookkeeping and some of them can not even tell the credit-side from the debit-side of a T-account.

Keywords: Total Income; Primary Input; Final Expenditure; Accounting Unit; Social Account Matrix (search for similar items in EconPapers)
Date: 1997
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DOI: 10.1007/978-1-349-25275-6_1

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