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Values, Volumes, and Price-Volume Decompositions: On Some Issues Raised (Again) by the Health Crisis

Author

Listed:
  • Didier Blanchet

    (CREST-INSEE - Centre de Recherche en Economie et en Statistique - Institut national de la statistique et des études économiques (INSEE))

  • Marc Fleurbaey

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

The health crisis has underscored the need for national accounts that can track the activity and financial situations of various groups of economic agents as quickly as possible. It also raises several questions about how real GDP aggregates quantities of heterogenous goods and services that meet very different needs whose relative priorities have been affected by the crisis, at least temporarily. We focus on two aspects of this question: the theoretical properties of aggregation by chaining at market prices for the market share of GDP and the joint problems of measurement and significance of the aggregate for its non-market components. Beyond the short-term shock, the crisis provides an opportunity to revisit some substantive issues regarding the interpretation of output and real growth indicators, issues that the post-crisis period should continue to fuel.

Suggested Citation

  • Didier Blanchet & Marc Fleurbaey, 2022. "Values, Volumes, and Price-Volume Decompositions: On Some Issues Raised (Again) by the Health Crisis," Post-Print hal-03907594, HAL.
    • Handle: RePEc:hal:journl:hal-03907594
    DOI: 10.24187/ecostat.2022.532.2072
    Note: View the original document on HAL open archive server: https://hal.science/hal-03907594
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    References listed on IDEAS

    as
    1. Marc Fleurbaey & Koichi Tadenuma, 2014. "Universal Social Orderings: An Integrated Theory of Policy Evaluation, Inter-Society Comparisons, and Interpersonal Comparisons," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 81(3), pages 1071-1101.
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    More about this item

    Keywords

    National accounts; GDP; Production and income; Aggregation; Volume and price components; Chain indices;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation

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