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Business Fluctuations And Financial Accounting Measurement: Historical Comments

Author

Listed:
  • stanley c. w. salvary

    (Canisius College)

Abstract

This paper addresses a theme in an historical setting that financial accounting measurement contributes to: (1) retardation of national economic growth by the failure of financial accounting to provide for the replacement of capital goods in its measurement process; and (2) the business cycle owing to the illusory profits reported in financial statements. The author explores the issues and concludes that the arguments against accounting are based upon misunderstandings.

Suggested Citation

  • stanley c. w. salvary, 2005. "Business Fluctuations And Financial Accounting Measurement: Historical Comments," Macroeconomics 0502006, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpma:0502006
    Note: Type of Document - doc; pages: 22
    as

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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0502/0502006.pdf
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    References listed on IDEAS

    as
    1. Raymond W. Goldsmith, 1950. "Measuring National Wealth in a System of Social Accounting," NBER Chapters, in: Studies in Income and Wealth, Volume 12, pages 23-79, National Bureau of Economic Research, Inc.
    2. Joan Robinson, 1962. "Essays in the Theory of Economic Growth," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-00626-7, December.
    3. F. A. Lutz, 1961. "The Theory of Capital," International Economic Association Series, Palgrave Macmillan, number 978-1-349-08452-4 edited by D. C. Hague.
    4. Hicks, J. R., 1987. "Capital and Time: A Neo-Austrian Theory," OUP Catalogue, Oxford University Press, number 9780198772866.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    retardation of economic growth; national or social accounting; replacement cost accounting; Harrod's 'instability principle'; maintenance of physical capacity; illusory profits.;
    All these keywords.

    JEL classification:

    • E - Macroeconomics and Monetary Economics

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