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Main Aggregates: Methods

In: An Introduction to National Accounts Statistics

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  • R. G. D. Allen

Abstract

The national income of the UK is the sum of money incomes received by UK nationals from current economic activity. It is a money flow in a specified time, here taken as a year. It is related to two other concepts, each a set of current goods and services valued at the ruling prices during the year. One set of goods and services consists of the output of UK nationals as producers. The other is the set of purchases made by UK nationals. Each includes capital goods and services as well as those for consumption. In a closed economy the absence of external trade ensures that the two sets are identical: what is produced by nationals is also purchased by them. They are of different composition in any actual economy. Some of the output of nationals consists of exports sold abroad; some of the purchases of nationals are goods and services imported from abroad.

Suggested Citation

  • R. G. D. Allen, 1980. "Main Aggregates: Methods," Palgrave Macmillan Books, in: An Introduction to National Accounts Statistics, chapter 2, pages 5-35, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-16386-1_2
    DOI: 10.1007/978-1-349-16386-1_2
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