Choice experiments show that individuals attribute significant value to digitally-enabled services such as social media. We integrate this consumer value into an accounting framework by treating it as the value of own-account production by households of a particular type of leisure services....

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...

GDP is key to macroeconomics, yet different ways of defining and measuring GDP have particular purposes. This paper examines how total GDP can be conceptualized, dissected and studied and how these improve our analysis and understanding of the sources of economic growth. While each approach is...

This paper proves that the current definitions of GDP are the result of assuming three zeros: depreciation, interest and profit. Such measures may report exaggerate positive income, even though the true income is negative. This paper supports Choi's (2009) finding that Keynes' measure of income...

When considering issues of measuring welfare beyond gross domestic product (GDP), a key ongoing, but unfinished, agenda concerns how to measure the outputs of goods and services which are "free at the point of delivery". Public services such as schools and health services are major examples of...

The paper provides an examination of interwar Latvia's national accounts, checking their usability for estimating interwar economic growth performance. According to the authoritative account of Roses and Wolf [(2010). Aggregate growth, 1913-1950. In S. Broadberry, & K. H. O'Rourke (Eds.), The...