| Summary: | Includes bibliographical references. === Macroeconomics is that part of economics which studies the overall averages and aggregates of the economic system. It seeks to explain the causes and consequences of fluctuation in the general level of output, or prosperity and depression, the general price level, or inflation. and deflation, the general level of employment, which moves with the level of output, and the general level of interest rates, which is to some degree related to the phenomena above. It is evident therefore that macroeconomic analysis involves the measurement of macroeconomic activity. That branch of macroeconomics which is concerned with the measurement of macroeconomic activity is called national accounting, or national income accounting. Like all other branches of economics national accounting has evolved considerably over the past three centuries. Initially, different countries developed their own national accounting systems, depending mainly on the structure of their economies and the possibilities for data collection. Examples of developments in this direction are the French system of national accounts and the British system of national accounts. Later on, for the sake of international comparability, attempts were made to develop a standard pattern which would be employed by all countries. The results of these attempts were the 1953 and 1968 systems of National Accounts introduced by the United Nations (U.N.), referred to as the U.N. System of National Accounts. This thesis studies the underlying concepts and the general applicability of these two systems, the latter being a revised version of the former.
|
|---|
