The following HTML text is provided to enhance online
readability. Many aspects of typography translate only awkwardly to HTML.
Please use the page image
as the authoritative form to ensure accuracy.
Beyond the Market: Designing Nonmarket Accounts for the United States
intermediaries, which account for about 3 percent of GDP; and services from general government fixed capital, which amounts to something less than 2 percent of GDP.
This outline of the NIPAs focuses on measures for the economy as a whole. Sectors covered in the accounts include the business, household, and government sectors. The Bureau of Economic Analysis (BEA) also has produced tables showing information for nonprofit institutions serving individuals, which represent the vast majority of nonprofits; in the NIPAs these nonprofits are lumped together with households. Acknowledging the imputations in and sector coverage of the NIPAs highlights the fact that the accounts do not exclude all nonmarket activities or the services from all nonmarket assets. Many government and nonprofit activities register in the NIPAs but, in general, only goods and services that involve payments (whether market or below market) are included. For example, payments for services rendered under the Medicare program are included under GDP and GDI, but no value is imputed for volunteer services in nonprofit hospitals, because they are provided without remuneration. Services from owner-occupied housing and from general government capital are imputed and included in the NIPAs. Valuation of the services from owner-occupied housing is linked to the terms of observed rental transactions. BEA acknowledges that the services from general government capital are underestimated in the accounts; uncertainty about the appropriate net return to such capital led to the adoption of an assumption that the net rate of return was zero (National Research Council, 1998; Bureau of Economic Analysis, 1995).
In addition to the summary domestic income and product accounts shown in Table 2-1, the NIPA summary accounts include six others: the private enterprise account, the personal income and outlay account, the government receipts and expenditures account, the foreign transactions current account, the domestic capital account, and the foreign transactions capital account. Together these summary accounts, from which approximately 150 NIPA tables and the fixed-asset estimates (which underlie NIPA measures of consumption of fixed capital and consumer durable investment) are derived, provide a wealth of information for users (see BEA website).
The satellite accounts envisioned in this report would build primarily on the domestic income and product accounts, which include information on the production costs that constitute GDI and on the values of final output that constitute GDP. In the satellite accounts we contemplate, the nonmarket analogs are values for the inputs used in nonmarket production and values for the output that is produced.
MEASURING TIME USE
Time is the most quantitatively significant input to both market and nonmarket production. One cannot begin to understand economically oriented nonmarket