Noting that the contribution of R&D is being integrated into national accounts just as these come under criticism for potentially overstating output, this paper uses a re-assessment of the concept of value to examine scope for under- and over-statement in conventional GDP. It assesses ways in...

1. Life Before Economics 1926-1955 -- 2. Under Treasury Rules 1956-64 -- 3. Short-term Forecasting -- 4. Public Expenditure -- 5. Planning, Tax Reform and Structural Change -- 6. Gatecrashing the Cambridge Tradition -- 7. Public Expenditure Revisited -- 8. Sector Balances and ‘New Cambridge’...

Noting that the contribution of R&D is being integrated into national accounts just as these come under criticism for potentially overstating output, this paper uses a re-assessment of the concept of value to examine scope for under- and over-statement in conventional GDP. It assesses ways in...