Extended Measures of National Income and Saving

Anthony Makin

Economic Analysis and Policy, 1996, vol. 26, issue 2, 145-155

Abstract: National wealth, as a stock measure, is conceptually equivalent to residents' net worth or the difference between the tangible and foreign assets which residents own, offset by foreigners' claims to those assets. National wealth measures the vaule of resources potentially available for future consumption. In practice, national wealth statements should include all non-human assets and claims at market prices . Such estimates may then be used for several purposes. For instance, in this paper new estimates reveal the sources of growth in national wealth, as between accumulation and valuation changes. This provides a new perspective on Australia's saving performance. Annual movements in the value of wealth also more geographically illustrate the cycle of boom and bust in the Australian economy than the conventional flow measure or economic activity over the past decade.

Keywords: Consumption; Income; National Wealth; Saving; Wealth (search for similar items in EconPapers)
JEL-codes: E10 E21 (search for similar items in EconPapers)
Date: 1996
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