By Ronald Cooper, Profesor Harold C Edey, Visit Amazon's Harold C. Edey Page, search results, Learn about Author Central, Harold C. Edey, , Professor Sir Alan T Peacock, Alan T. Peacock
'A very beneficial advent to the innovations of social accounting' Bankers' Magazine.
'Remarkable feat of compression and expositionit would definitely stay for a very long time the easiest precis of macro-accounting strategies' Accounting study.
This quantity covers advancements either within the scope and content material of reputable fiscal statistics of nationwide source of revenue and expenditure and of their use for temporary and long term financial making plans.
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In fact, many of these government enterprises, including nationalised undertakings, operate very much like private firms in that their costs of production are (or are intended to be) covered by those benefiting directly from the services that they provide. Furthermore, they usually have separate legal existence and financial independence, the latter characteristic being reflected in the power to maintain their own reserves and to borrow. From the point of view of classification by types of decision-maker this last charac- 44 National Income and Social Accounting teristic is important, and it may be invoked as the main criterion to be used in deciding whether or not to regard a particular public enterprise as a corporate enterprise or as a government trading activity, though both types of enterprise may be classified with firms.
For clarity it is advisable to distinguish the symbol for this concept from that of gross national product at factor cost (national income plus depreciation) by calling the first concept Ym (Y in the above identities) and the second Yr. Ym we have already defined in identities (1) and (2). If we wish to derive from Ymthe gross national product at factor cost we must deduct indirect taxation which we will denote by Ti. We then have Yr=Ym-Ti Substituting for Ym we have, from (2) Yr=Ch + Cg+ I+ (X- M)- T; or in figures 100=85+ 15+ 10+3-13.
When we consider the activities of government we find that although, as we have mentioned, government can be regarded as a kind of collective person, a distinction is in fact made between current government expenditure, analogous with the consumption of households, and expenditure on 'capital' goods and on stock increases or decreases which in households we lump in with consumption goods. The main reason for making this distinction is that public capital expenditure is nowadays on a very heavy scale-it includes outlays on schools, roads, publicly owned housing estates, and so on.