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Value Theory in the National Accounts

In: National Accounts and Economic value

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  • Utz-Peter Reich

Abstract

Having established a distinction between the two theories of value we return to the national accounts for further interpretation. The meaning of volume and price indices is investigated from a value theoretic perspective and the concept of real value is related to it in a systematic way. Finally, the old question of how to account for the use or possible misuse of nature is taken up again, and a new answer is given. It is stated that not just a particular part of GDP, but all of it must be attributed to nature as a gift from a factor that cannot be paid by any means.

Suggested Citation

  • Utz-Peter Reich, 2001. "Value Theory in the National Accounts," Palgrave Macmillan Books, in: National Accounts and Economic value, chapter 7, pages 142-154, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51290-0_7
    DOI: 10.1057/9780230512900_7
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