National Accounts and Economic Value

by Utz-Peter Reich

"In this book Utz-Peter Reich documents the failure of microeconomic theory to explain value in national accounts. Relying on the hypothesis that national accounts have clandestinely developed their own value theory, hidden behind a plethora of practical rules, this theory is shown to have telling similarities to classical value theory, the predecessor of the microeconomic approach. Moving from theory to practice, the volume is an original contribution to the literature and enlarges the scope of traditional theory."--BOOK JACKET.