Abstract
An earlier paper1 dealt with problems of interpreting aggregate data on production and consumption. The present paper explores theoretical problems raised for national income calculation by investment, technological change, and uncertainty windfalls. It purposely works with simple and strong models so that the intrinsic difficulties will not be obscured by observational difficulties of detail. Government expenditure and taxes are throughout ignored.
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Notes
P. A. Samuelson, ‘ Evaluation of Real National Income’, Oxford Economic Papers (New Series), 1950, pp. 1–29.
P. A. Samuelson, ‘Some Aspects of the Pure Theory of Capital’, Quarterly Journal of Economics, May 1937, pp. 469–96.
A. C. Pigou, The Economics of Welfare (Fourth edition, 1932), pp. 36–7.
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© 1961 International Economic Association
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Samuelson, P.A. (1961). The Evaluation of ‘Social Income’: Capital Formation and Wealth. In: Hague, D.C. (eds) The Theory of Capital. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-08452-4_3
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DOI: https://doi.org/10.1007/978-1-349-08452-4_3
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-08454-8
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