From National Accounts to Inclusive Wealth: A Framework to Bridge Between Market and Accounting Priced Capitals

Cliodhna Taylor, Sami Mubarak, Katherine Chant, Robbie Fisher and Richard Heys

Discussion Papers from Economic Statistics Centre of Excellence

Abstract: This paper proposes a framework, consistent with economic accounting principles, for the measurement of economic value in accounting (or “shadow”) prices. We build upon and utilise existing economic accounting frameworks based on market prices (such as national and environmental accounts), and in the process create a bridge between market and accounting price approaches. The framework proposed would allow measures of inclusive income and inclusive wealth – i.e. flow and stock measures of economic value which include the benefits from produced, human, and natural capital – to be calculated in accounting/shadow prices, vastly improving the usefulness of these concepts for the purposes of assessing economic welfare.

Keywords: National accounts; inclusive wealth; inclusive income; shadow prices; market prices; accounting prices; welfare; official statistics; economic measurement; modern economy; capital (search for similar items in EconPapers)
JEL-codes: A13 E01 E21 E22 I30 O40 Q51 (search for similar items in EconPapers)
Date: 2024-02-28
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Persistent link: https://EconPapers.repec.org/RePEc:eoe:escoed:escoe-dp-2024-02

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