Transactions and Their Economic Functions

Utz-Peter Reich

Chapter 2 in National Accounts and Economic value, 2001, pp 11-31 from Palgrave Macmillan

Abstract: Abstract This is the first of four chapters on the principles of national accounting, beginning with the definition of an economy. After briefly outlining what is meant by the measurement of economic value, the transactor/transaction principle is exposed as the fundamental rule for determining the data for national accounts. A hierarchical system of terms is constructed, detailing the transaction concept and clarifying its classification criteria. Then the concept of transformation is brought in as a complement to transactions needed for determining the value of production and consumption. A digression into the history of the debate on the transaction concept completes the chapter.

Keywords: Classification Criterion; National Account; Hierarchical System; Economic Function; Fundamental Rule (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-51290-0_2

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DOI: 10.1057/9780230512900_2

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