National Income Accounts

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of the company. On the other hand, in national income accounting, these
incomes are shown net. There is no counterpart at all of a Balance Sheet
in national income accounting since there is a great difficulty in
collecting such a huge bank of data accurately and completely especially
on uniform basis.

Income Statement of a Typical Firm
For the year ended on December 31, 2005
Debits Rs. Credits Rs. To Sales Account
(50,000 units @ Rs. 25)
1,250,000 By Cost of Sales:
Wages
Rent
Interest
Profit (residual)
750,000
150,000
150,000
200,000 Total 1,250,000 Total 1,250,000
National Product Account 2004-05
(Millions of rupees)
Flow of Product Rs. Flow of Earning Rs. Final Output
(500 million units @ Rs. 25)
12,500 Costs or Earnings:
Wages
Rent
Interest
Profit
7,500
1,500
1,500
2,000 Total 12,500 Total 12,500
Uses of National Income Accounting:

Clear picture of the economy: The national income accounts or social
accounts give a clear picture of the economy regarding the GDP, national
income, per capita income, saving ratio, production, consumption,
disposable income, capital expenditure, etc. It gives a clear view of
the health of the economy and the way in which it functions. It also
gives a view on the living standard of the people.

Promotion of efficiency and stability of the economy: To foster the
economic growth, any government has to see what she has achieved in the
past and what has to be done in the future. For this purpose, the
preparation of national income accounts is quite inevitable for the
promotion of economic efficiency and stability. It helps the government
to set the national priorities, such as education, inflation,
unemployment, defence, social development, and industrialisation, etc.,
in long-term and medium-term planning. It also helps the planner to set
the economic objectives to be achieved in the near future. Thus it
serves the purpose of planning and controlling tool for public
administrators.

Measurement of economic welfare: Measurement of economic welfare is
another purpose of the preparation of social accounts. Through social
accounting, we can know at a glace to what extent the masses are better
off than at the time when planning started.

Interrelationship of different sectors of the economy: Through the study
of national income accounts, the reader is in a position to inter-relate
different sectors of the economy. For example, through the study of
national income accounts, we can know that Pakistan’s industrial sector
is largely dependant on agriculture sector, because most of the raw
materials like cotton, silk, leather, sugarcane, milk, poultry, etc. are
supplied from agriculture.

Monetary, fiscal and trade policies: The national income accounts are
very essential for the statesmen, governments, and politicians, because
they help them to efficiently formulate different economic policies,
including monetary policy, fiscal policy and trade policy. In the
absence of national income accounts, the economic planning would be
disastrous.

Gross National Product (GNP):
GNP is the basic national income accounting measure of the total output
or aggregate supply of goods and services. It has been defined as the
total value of all final goods and services produced in a country during
a year. GNP is a ‘flow’ variable, which measures the quantity of final
goods and services produced during a year. For calculating GNP
accurately, all goods and services produced in any given year must be
counted once, but not more than once.
Approaches of Measuring GNP/GDP:
The primary purpose of national accounts is to provide a coherent and
comprehensive picture of the economy. To be concise, these estimates tend
to answer questions such as:

What is the output of the economy, its size its composition, and its
uses? And
What is the economic process by which this output is produced and
distributed? These questions are addressed below in relation to
estimation of GDP/GNP and final uses of the GNP.

The gross national product (GNP) is the market value of all final goods
and services, produced in the economy during a year. GNP is measured in
Rupee terms rather than in physical units of output. Gross domestic
product (GDP) is a better idea to visualize domestic production in the
economy. GDP may be derived in three ways or in combination of them.

Production Approach: It measures the contribution to output made by each
producer. It is obtained by deducting from the total value of its output
the value of goods and services it has purchased from other producers and
used up in producing its own output, i.e.:

VA = value of output – value of intermediate consumption.

Total value added by all producers equals GDP.

Income/Cost Approach: In this approach, consideration is given to the
costs incurred by the producer within his own operation, the income paid
out to employees, indirect taxes, consumption of fixed capital, and the
operating surplus. All these add up to value added.

Expenditure Approach: This approach looks at the final uses of the output
for private consumption, government consumption, capital formation and
net of imports & exports. According this approach, GDP is the sum of
following four major components:

Personal consumption expenditure on goods and services,
Gross private domestic investment,
Government expenditure on goods and services, and
Net export to the rest of the world.

The concepts of expenditure approach and cost approach have been
illustrated in the following diagram of circular flow of a simplified
two-sector economy:
In the above diagram, the upper loop represents the ‘expenditure’ side of
the economy. Through this loop, all the products flow from business
sector to household sector. Each year the nation consumes a wide variety
of final goods and services: goods such as bread, apples, computers,
automobiles, etc.; and services such as haircuts, health, taxis,
airlines, etc. But we include only the value of those products that are
bought and consumed by the consumers. In our ‘two-sector economy’
illustration, we have excluded the investment expenditure, government
expenditure and taxes from GDP calculation.

The lower loop represents the ‘cost or revenue’ side of the economy.
Through this loop, all the costs of doing business flow. These costs
include wages paid to labour, rent paid to land, profits paid to capital,
and so forth. But these business costs are revenues that are received by
households in exchange of supplying factors of production to the business
sector.

Precautions in Measuring GNP/GDP / Problems in National Income
Measurement / Dangers of National Income Accounts:
The federal statisticians and economists have to be very careful in
measuring GDP or preparing national income accounts. The following
precautionary measures should be taken:

Reliable source of data: All the data for national accounts are collected
from different sources, including surveys, income tax returns, retail
sales statistics, and employment data. Inaccurate or incomplete data can
severely damage the integrity of the national accounts. The economists
have to be very careful in collection and selection of national income
accounting data.

Difficulties of Measuring Some Services in Money Terms: National Income
of a country is always measured in money terms, but there are some goods
and services, which cannot be measured, in monetary terms. Such goods
include, the services of the housewife, housemaid and the singing as a
hobby by an individual. Exclusion of these services from the national
income, underestimate the national income account.

Illegal Activities in the Economy/The Growth of “Black Economy”: The
“Black Economy” refers to that part of economic activity, which is
undeclared and therefore unrecorded for tax purposes and is therefore
deemed to be ‘illegal’. Many illegal activities in the economy generally
escape both the law and measurement in the national income. Such illegal
activities include, smuggling, drug trafficking and all parallel market
transactions. Since such activities are outlawed, income earned, through
them are not captured in the national income, thus, under estimating the
national income account.

Danger of double counting: While measuring GDP, we have to distinguish
between the three forms of goods:

Final product: A final product is one that is produced and sold for
consumption or investment.

Intermediate good: Intermediate goods are semi-finished goods or goods-
in-process.

Raw material: Raw materials are unfinished and unprocessed goods.

To avoid double or multiple counting, it is necessary to add the value of
only those goods which have reached their final stage of production,
i.e., final goods, and to not add the value of intermediate goods and raw
materials, which are already included in the value of final goods. GDP,
therefore, includes bread but not wheat, cars but not steal.

Problem of Including All Inventory Change in GNP: Firms generally record
inventories at their original cost rather than at replacement costs.
When prices rise, there are gains in the book value of inventories but
when prices fall, there are losses. So, the book value of inventories
overstates or understates the actual inventories. Thus, for correct
computation of GNP, inventory evaluation is required. This is achieved
when a negative valuation of inventory is made for inventory gains and a
positive valuation is made for losses.

Problem of Price Instability: Since national income is measured in money
terms, fluctuation in the general price level will render unstable the
measuring rod of money for national income. When prices are rising, the
national income figures are rising even though production might have gone
down. On the other hand, when prices are falling, GNP is declining even
though the production might have gone up. To solve this problem,
economist and statisticians have introduced the concept of real income.

Exclusion of Capital Gain or Losses from GNP: Capital gain or losses
accruing to property owners by increase or decrease in the market value
of their asset are not included in GNP computation because such changes
do not result from current economic activities. Such exclusions
underestimate or overestimate the GNP.

Value added: ‘Value added’ is the difference between a firm’s sales and
its purchases of materials and services from other firms. In calculating
GDP earnings or value added to a firm, the statistician includes all
costs that go to factors other than businesses and excludes all payments
made to other businesses. Hence business costs in the form of wages,
salaries, interest payments, and dividends are included in value added,
but purchases of wheat or steel or electricity are excluded from value
added. The following table illustrates the concept of value addition in
GDP:

Table
Bread Receipts, Costs, and Value Added
Rupees Per Loaf
Stages of
Production (1) (2) (3)   Sales
Receipts Cost of
Intermediate
Materials Value
Added
(wages,
profit, etc.)
(1 – 2) Wheat 2.00 0 2.00 Flour 5.50 2.00 3.50 Baked
dough 7.25 5.50 1.75 Delivered
bread 10.00 7.25 2.75 Total 24.75 14.75 10.00
Non-productive transactions are excluded from GDP: The non-productive
transactions are excluded from GDP measurement. There are two types of
non-productive transactions:

Purely financial transactions: Purely financial transactions are:

All public transfer payments, which do not add to the current flow of
goods such as social security payments, relief payments, etc.

All private financial transactions, such as receipt of money by a student
from his father, etc.

Buying and selling of marketable securities, which make no contribution
to current production.

Sale proceeds of second-hand goods.

Difference between GDP and GNP:
GDP is the most widely used measure of national output in Pakistan.
Another concept is widely cited, i.e., GNP. GNP is the total output
produced with labour or capital owned by Pakistani residents, while GDP
is the output produced with labour and capital located inside Pakistan.
For example, some of Pakistani GDP is produced in Honda plants that are
owned by Japanese corporations. The profits from these plants are
included in Pakistani GDP but not in Pakistani GNP. Similarly, when a
Pakistani university lecturer flies to Japan to give a paid lecture on
‘economies of under-developed countries’, that lecturer’s salary would be
included in Japanese GDP and in Pakistani GNP.

Net National Product (NNP):
Net national product (NNP) or national income at market price can be
obtained by deducting depreciation from GNP. NNP is a sounder measure of
a nation’s output than GNP, but most of the economists work with GNP.
This is so because depreciation is not easier to estimate. Whereas the
gross investment can be estimated fairly-accurately.

NNP equals the total final output produced within a nation during a year,
where output includes net investment or gross investment less
depreciation. Therefore, NNP is equals to:

NNP = GNP – Depreciation

It is the net market value of all the final goods and services produced
in a country during a year. It is obtained by subtracting the amount of
depreciation of existing capital from the market value of all the final
goods and services. For a continuous flow of money payments it is
necessary that a certain amount of money should be set aside from the GNP
for meeting the necessary expenditure of wear and tear, deterioration and
obsolescence of the capital and ‘it should remain intact’.

In the above definition, the phrase ‘maintaining capital intact’ is meant
to make good the physical deterioration which has taken place in the
capital equipment while creating income during a given period. This can
only be made by setting aside a certain amount of money every year from
the annual gross income so that when the income creating equipment
becomes obsolete, a new capital equipment may be created out. If the
depreciation allowance is not set aside every year, the flow of income
would not remain intact. It will decline gradually and the whole country
will become poor.

National Income or National Income at Factor Cost:
National income (NI) or national income at factor cost is the aggregate
earnings of all the factors of production (i.e., land, labour, capital, &
organisation), which arise from the current production of goods and
services by the nation’s economy. The major components of national
income are:

Compensation of employees (i.e., wages, salaries, commission, bonus,
etc.);
Proprietors income (profits of sole proprietorship, partnership, and
joint stock companies);
Net income from rentals and royalties; and
Net interest (excess of interest payments of the domestic business system
over its interest receipts and net interest received from abroad).

National income can be calculated as follows:

National Income = NNP – Indirect Taxes + Subsidies

Personal Income:
Personal Income is the total income which is actually received by all
individuals or households during a given year in a country. Personal
income is always less than NI because NI is the sum total of all incomes
earned, whereas, the personal income is the current income received by
persons from all sources. It should be noted here that all the income
items which are included in NI are not paid to individuals or households
as income. For instance, the earnings of corporation include dividends,
undistributed profits and corporate taxes. The individuals only receive
dividends. Corporate taxes are paid to government, and the undistributed
profits are retained by firms. There are certain income items paid to
individuals, but not included in the national income, commonly known as
‘transfer payments’. Transfer payments include old age benefits,
pension, unemployment allowance, interest on national debt, relief
payments, etc. Personal income can be measured as follows:

Personal Income = NI at Factor Cost – Contributions to Social Insurance –
Corporate Income Taxes – Retained Corporate Earnings + Transfer Payments

Disposable Income:
Disposable income is that income which is left with the individuals after
paying taxes to the government. The individuals can spend this amount as
they please. However, they can spend in categorically two ways, i.e.,
either they can spend on consumption goods, or they can save. Therefore,
the disposable personal income is equal to:

Disposable Income =   Personal Income – Personal Taxes

or

Disposable Income =   Consumption + Saving




Details of National Income Accounts:
It is very important to take a brief tour of major components or
particulars of national accounts or product accounts. In this way, we
can thoroughly understand the concept of GDP/GNP:

GDP Deflator: The problem of changing prices is one of the problems
economists have to solve when they use money as their measuring rod.
Clearly, we want a measure of the nation’s output and income that uses an
invariant yardstick. This problem can be solved by using ‘price index’,
which is a measure of the average price of a bundle of goods. The price
index is used to remove inflation from GDP or to deflate the GDP, that is
why, it is also called ‘GDP deflator’. The function of GDP deflator is
to convert the ‘nominal GDP’ or the ‘GDP at current prices’ to ‘real
GDP’. The formula of real GDP is as follows:

Real GDP   =     Nominal GDP
                 GDP Deflator
or

Q       =     PQ
    P

Nominal GDP or PQ represents the total money value of final goods and
services produced in a given year, where the values in terms of the
market prices of each year. Real GDP or Q removes price changes from
nominal GDP and calculate GDP in constant prices. And the GDP deflator
or P is defined as the price of GDP.

Example:
A country produces 100,000 litres of coconut oil during the year 2005 at
a price of Rs. 25 per litre. During the year 2006, she produces 110,000
litres of coconut oil at a price of Rs. 27 per litre. Calculate nominal
GDP, GDP deflator and real GDP (using 2005 as base year).

Solution:
Nominal GDP:

Year
Price
P
Quantity
Q
Price × Quantity
PQ
Nominal GDP

2005
25
100,000
2,500,000

2006
27
110,000
2,970,000


Hence, during 2006, the nominal GDP grew by 18.8%.

GDP Deflator:

P1    =       Current year price ÷ Base year price   =   Rs. 25 ÷ Rs. 25
= 1
P2    =       Current year price ÷ Base year price   =   Rs. 27 ÷ Rs. 25
= 1.08

Real GDP:

Year
Nominal GDP
PQ
GDP Deflator
P
Real GDP
(PQ/P)
Q

2005
2,500,000
1
2,500,000

2006
2,970,000
1.08
2,750,000


Hence, during 2006, the real GDP grew by 10%.

Investment and Capital Formation: Investment consists of the additions to
the nation’s capital stock of buildings, equipment, and inventories
during a year. Investment involves sacrifice of current consumption to
increase future consumption. Instead of eating more pizzas now, people
build new pizza ovens to make it possible to produce more pizza for
future consumption.

To economists, investment means production of durable capital goods. In
common usage, investment often denotes using money to buy shares from
stock exchange or to open a saving account in a bank. In economic terms,
purchasing shares or government bonds or opening bank accounts is not an
investment. The real investment is that only when production of physical
capital goods takes place.

Investment can be further categorised as:

Gross investment: Gross investment includes all the machines, factories,
and houses built during a year – even though some were bought to replace
some old capital goods. Gross investment is not adjusted for
depreciation, which measures the amount of capital that has been used up
in a year.

Net investment: Gross investment does not adjust the deaths of capital
goods; it only takes care of the births of capital. However, the net
investment takes into account the births as well as deaths of capital
goods. In other words, net investment is adjusted for depreciation.
Therefore, the net investment plays a vital role in estimating national
income:

Net Investment   =    Gross Investment – Depreciation

Government Expenditure: Government expenditures include buying goods like
from roads to missiles, and paying wages like those of marine colonels
and street sweepers. In fact, it is the third great category of flow of
products. It involves all the expenditures incurred on running the
state. However, it does not mean that GDP includes all the government
expenditures including ‘government transfer payments’. The government
transfer payments, which include payments to individuals that are not
made in exchange for goods and services supplied, are excluded from GDP
measurement. Such transfers payments include expenditures on pensions,
old-age benefits, unemployment allowances, veterans’ benefits, and
disability payments. One peculiar government transfer payment is
‘interest on national debts’. This is a return on debt incurred to pay
for past wars or government programmes and is not a payment for current
government goods and services. Therefore, the interests are excluded
from GDP calculations.

Net Exports: ‘Net exports’ is the difference between exports and imports
of goods and services. Pakistan is facing negative net export situation
since her birth, except for few years. The biggest reason is that
Pakistan is a developing nation and consistently importing capital goods
and final consumption goods from developed countries at much higher
prices. Whereas, we export raw materials and intermediate goods at lower
prices, which have less demand due to their poor quality or because of
availability of much cheaper substitute goods in the market.

Households

Business

Productive services
(Labour, land, etc.)

Wages, rents, profits, etc.

Consumption purchases

Final goods and services
(Bread, cars, etc.)

Figure 1 – Circular flow of a two-sector economy




Personal
Cons.
Expenditure




Government
Purchases
Gross
Private
Domestic
Investment




Net
Foreign
Investment



Wages

Rent

Interest

Dividends

Income of
Unincorp.
Business

Corporate
Income
Taxes

Social
Security
Contribution

Undistributed
Corporate
Profits

Indirect
Business
Taxes


Depreciation



Wages

Rent

Interest
Dividends

Income of
Unincorp.
Business

Corporate
Income
Taxes

Social
Security
Contribution

Undistributed
Corporate
Profits

Indirect
Business
Taxes



Wages

Rent

Interest

Dividends

Income of
Unincorp.
Business

Corporate
Income
Taxes

Social
Security
Contribution

Undistributed
Corporate
Profits


Subsidies


Wages
Rent

Interest

Dividends

Income of
Unincorp.
Business


Subsidies


Transfer
Payments




Consumption




Savings


Personal
Taxes

Figure 2 – From GNP to Disposable Income

GNP
Expenditure
Approach


GNP
Income/Cost
Approach

NNP
National
Product

NI
National
Income
PI
Personal
Income

DI
Disposable
Income
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    -       #   National Income Accounts – Defined
-   Title
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Description: bank reconcilation statement,circular flow of income, closing enteries, coefficient of correlation, concepts of National income, Consumption Functions, Determination of National income,Financial statement, Flow of Funds accounts, Index numbers, Introduction to statistics,investment, macro economics, measures of central tendency, measure of depersion, measure of shape distribution, merchandise inventory, micro macro economics, Micro Economics, multiplier and accelerator, probability, public finance, random variable,regression,sample distribution theory, statistics dynamics and comparative, theofy of employment, trade cycle