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Measuring the Wealth of Nations

Author

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  • Shaikh,Anwar M.
  • Tonak,E. Ahmet

Abstract

This book provides an alternative foundation for the measurement of the production of nations, and applies it to the US economy for the postwar period. The patterns which result are significantly different from those derived within conventional systems of national accounts. Conventional national accounts seriously distort basic economic aggregates, because they classify military, bureaucratic and financial activities as creation of new wealth, when in fact they should be classified as forms of social consumption which, like personal consumption, actually use up social wealth in the performance of their functions. The difference between the two approaches has an impact not only on basic aggregate economic measures, but also on the very understanding of the observed patterns of growth and stagnation. In a world of burgeoning militaries, bureaucracies, and sales forces, such matters can assume great importance at the levels of both theory and policy.

Suggested Citation

  • Shaikh,Anwar M. & Tonak,E. Ahmet, 1997. "Measuring the Wealth of Nations," Cambridge Books, Cambridge University Press, number 9780521564793, October.
    • Handle: RePEc:cup:cbooks:9780521564793
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    Cited by:

    1. César Castillo-García, 2022. "Factor Income Distribution and Capital Accumulation in Peru, 1940-2019," Working Papers 2202, New School for Social Research, Department of Economics.
    2. Freeman, Alan, 1998. "The indeterminacy of price-value correlations: a comment on papers by Simo Mohun and Anwar Shaikh," MPRA Paper 2040, University Library of Munich, Germany, revised 1998.
    3. Edward N. Wolff, 2000. "What's Behind the Recent Rise in Profitablity?," Economics Working Paper Archive wp_297, Levy Economics Institute.
    4. Chatzarakis, Nikolaos & Tsaliki, Persefoni, 2022. "Harrodian Instability: A Marxian Perspective," MPRA Paper 113852, University Library of Munich, Germany.
    5. constantine, collin, 2014. "Rentier Developmentalism, Servicization and DInRT Economies," MPRA Paper 60331, University Library of Munich, Germany.

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