We discuss properties of alternatives or complements to GDP as a measure of welfare at business cycle frequencies. We argue that these figures are not useful to measure the welfare costs of business cycles. First, data is not available at an appropriate quality and frequency. Second, since the...

Frontmatter -- Contents -- Preface -- Introduction to National Income Accounting -- Section I: Gross National Expenditure and Its Source -- Section II: The Disbursement Circuits Involved in National Income Accounting -- Conclusion