Designing Nonmarket Accounts for the United States Interim Report (2003) / Chapter Skim
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1 Introduction
1 Introduction
Pages 3-7
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States by Simon Kuznets in the 1930s, there have been concerns that the accounts are incomplete and misleacling because they omit such nonmarket activity as unpaid work, volunteer activities, the value of leisure time, and most investment in human capital. Aclclitionally, data from the accounts provide only a partial measure of the size anct sources of growth in the economy.
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In addition to its analysis of environmental accounts, that panel recommended adopting a program for developing a comprehensive set of near-market and nonmarket accounts: The panel concludes that developing a set of comprehensive nonmarket economic accounts is a high priority for the nation. Developing nonmarket accounts to address such concerns as environmental impacts, the value of nonmarket natural resources, the value of nonmarket work, the value of investments in human capital, and the uses of people's time would illuminate a wicle variety of issues concerning the economic state of the nation "National Research Council, ~ 999, p.
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to argue that the purpose of the core national accounts is to provide a picture of aggregate market activity. The panel's final report will make recommendations about the potential scope of any system of nonmarket accounts, provide guidance as to how specific accounts might be designed, ant} address questions about the unclerlying conceptual framework.
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Thomas Juster, of the Institute for Social Research at the University of Michigan, commented on conceptual and measurement issues in time-use surveys; Robert Pollak, of the Olin School of Business at Washington University in St. Louis, and Robert Michael, of the Graduate School of Public Policy at the University of Chicago, discussed the theory of time allocation, approaches to estimating associated behavioral relationships, household technology, ant!
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believes further work holds promise, the individual chapters will include recommendations about the ideal data for the intended purpose and steps that might be taken toward the production of such ideal data or at least better data for the United States. These recommendations concerning specific steps to improve the data available for measurement of these important areas are, we believe, likely to be among the report's major contributions.
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