skip to content
The Financialization of GDP : Implications for economic theory and policy. Preview this item
ClosePreview this item
Checking...

The Financialization of GDP : Implications for economic theory and policy.

Author: Jacob Assa
Publisher: Milton : Taylor and Francis, 2016.
Series: Routledge advances in heterodox economics.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"Gross Domestic Product (GDP) and other statistics based on national income accounting are ubiquitous but rarely understood today. GDP has been criticized for many reasons, including not reflecting well-being, leaving out the costs of environmental pollution, and not counting unpaid work, but on purely economic terms it has been mostly accepted as an indicator of economic performance. In recent decades, however, GDP  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

 

Find a copy online

Links to this item

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Genre/Form: Electronic books
Additional Physical Format: Print version:
Assa, Jacob.
Financialization of GDP : Implications for economic theory and policy.
Milton : Taylor and Francis, ©2016
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jacob Assa
ISBN: 9781317329909 1317329902
OCLC Number: 957436019
Notes: Includes index.
Description: 1 online resource (137 pages).
Contents: Cover; Half Title; Series Information; Title Page; Copyright Page; Dedication; Table of Contents; List of Figures; List of Tables; Preface; Acknowledgments; Introduction: The economic problem with GDP; Notes; 1 The ubiquity, importance, and uniqueness of national accounting; 2 National accounting as a historically and politically contingent art; 2.1 Technocratic histories of national income estimates; 2.2 GDP ex machina: political economy critiques of national accounts; 2.3 Theory is not enough; Notes; 3 Policy-based evidence: A political history of national accounts. 3.1 Beyond economic theory: political arithmetic as numerical rhetoric3.2 The rise of the nation-state --
international competition and national economic policies; 3.2.1 The purpose of national income estimates; 3.2.2 The institutional context of national income estimates; 3.2.3 The rise of national income estimates in Germany and Italy; 3.3 Pax Britannica --
the unique phase of British hegemony; 3.4 The return of international competition and the advent of central economic planning; 3.5 Spurious universalism --
the Statistical Cold War. 3.6 Spurious globalization and the financialization of national accounting4 The financialization of GDP; 4.1 Accounting for finance; 4.2 Financial services versus other service sectors for which value added is imputed; 4.3 Output and final use-.value; 4.4 Empirical estimates of FGDP; 4.5 Conclusion; Appendix 4.A Reconciling FGDP with the income and expenditure sides of national accounts; 4.A.1 Rationale; 4.A.2 Reconciling FGDP on the expenditure side; 4.A.3 Reconciling FGDP on the income side; Notes; 5 GDP on FIRE: Financialization, stagnation, and leakages from aggregate demand. 5.1 The need for a better aggregate5.2 Financialization; 5.3 Volatility is alive and well: the Great Moderation as a statistical mirage; 5.4 GDP as a leading indicator; 5.5 Forecasting with FGDP vs. GDP; 5.6 Aggregate demand, output, and employment; 5.7 Okun's revenge: output and unemployment fluctuations; 5.8 Aggregate demand and the velocity of money; Notes; 6 The distributional impacts of FGDP; 6.1 The changing structure of demand by expenditure categories; 6.2 Implications for distribution by income; 6.3 Implications for median and disposable income; Notes; 7 Conclusion; Notes; References.
Series Title: Routledge advances in heterodox economics.

Abstract:

"Gross Domestic Product (GDP) and other statistics based on national income accounting are ubiquitous but rarely understood today. GDP has been criticized for many reasons, including not reflecting well-being, leaving out the costs of environmental pollution, and not counting unpaid work, but on purely economic terms it has been mostly accepted as an indicator of economic performance. In recent decades, however, GDP has diverged dramatically from economic trends such as employment and median income. This book argues that GDP is flawed even as a narrow economic indicator, and traces the problem to the way financial services are measured. The first part of the book is a political history of the practice of national accounting from its beginning in the mid-17th century to present day, and explores how such income estimates were constructed for political reasons. The Financialization of GDP presents the practice of estimating national income as a historically and political contingent craft - driven by power and not only theory - culminating in the rise of the financial sector and the concomitant inclusion of financial services in GDP in 1993.. The second part of the book focuses on the treatment of financial services in national accounting and develops an adjusted measure of output (Final Domestic Product or FDP) – which treats financial revenues as intermediate inputs (or costs) to the economy as a whole. The final part of the book explores the empirical and policy implications of treating finance as an overall cost to the economy. This volume shows that the Great Moderation of volatility was a statistical artefact; Okun’s Law (relating changes in output and unemployment) never died, and even provides early signs for the Great Recession which analysts using standard GDP did not see. This book is of great interest to those who study political economy and macroeconomics."--Provided by publisher.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.

Similar Items

Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/957436019> # The Financialization of GDP : Implications for economic theory and policy.
    a schema:CreativeWork, schema:MediaObject, schema:Book ;
   library:oclcnum "957436019" ;
   library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/3805385472#Place/milton> ; # Milton
   schema:about <http://experiment.worldcat.org/entity/work/data/3805385472#Topic/business_&_economics_economics_macroeconomics> ; # BUSINESS & ECONOMICS / Economics / Macroeconomics
   schema:bookFormat schema:EBook ;
   schema:creator <http://experiment.worldcat.org/entity/work/data/3805385472#Person/assa_jacob> ; # Jacob Assa
   schema:datePublished "2016" ;
   schema:description ""Gross Domestic Product (GDP) and other statistics based on national income accounting are ubiquitous but rarely understood today. GDP has been criticized for many reasons, including not reflecting well-being, leaving out the costs of environmental pollution, and not counting unpaid work, but on purely economic terms it has been mostly accepted as an indicator of economic performance. In recent decades, however, GDP has diverged dramatically from economic trends such as employment and median income. This book argues that GDP is flawed even as a narrow economic indicator, and traces the problem to the way financial services are measured. The first part of the book is a political history of the practice of national accounting from its beginning in the mid-17th century to present day, and explores how such income estimates were constructed for political reasons. The Financialization of GDP presents the practice of estimating national income as a historically and political contingent craft - driven by power and not only theory - culminating in the rise of the financial sector and the concomitant inclusion of financial services in GDP in 1993.. The second part of the book focuses on the treatment of financial services in national accounting and develops an adjusted measure of output (Final Domestic Product or FDP) – which treats financial revenues as intermediate inputs (or costs) to the economy as a whole. The final part of the book explores the empirical and policy implications of treating finance as an overall cost to the economy. This volume shows that the Great Moderation of volatility was a statistical artefact; Okun’s Law (relating changes in output and unemployment) never died, and even provides early signs for the Great Recession which analysts using standard GDP did not see. This book is of great interest to those who study political economy and macroeconomics."--Provided by publisher."@en ;
   schema:description "Cover; Half Title; Series Information; Title Page; Copyright Page; Dedication; Table of Contents; List of Figures; List of Tables; Preface; Acknowledgments; Introduction: The economic problem with GDP; Notes; 1 The ubiquity, importance, and uniqueness of national accounting; 2 National accounting as a historically and politically contingent art; 2.1 Technocratic histories of national income estimates; 2.2 GDP ex machina: political economy critiques of national accounts; 2.3 Theory is not enough; Notes; 3 Policy-based evidence: A political history of national accounts."@en ;
   schema:exampleOfWork <http://worldcat.org/entity/work/id/3805385472> ;
   schema:genre "Electronic books"@en ;
   schema:inLanguage "en" ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/3805385472#Series/routledge_advances_in_heterodox_economics> ; # Routledge advances in heterodox economics.
   schema:isSimilarTo <http://worldcat.org/entity/work/data/3805385472#CreativeWork/financialization_of_gdp_implications_for_economic_theory_and_policy> ;
   schema:name "The Financialization of GDP : Implications for economic theory and policy."@en ;
   schema:productID "957436019" ;
   schema:publication <http://www.worldcat.org/title/-/oclc/957436019#PublicationEvent/milton_taylor_and_francis_2016> ;
   schema:publisher <http://experiment.worldcat.org/entity/work/data/3805385472#Agent/taylor_and_francis> ; # Taylor and Francis
   schema:url <http://www.tandfebooks.com/isbn/9781315658056> ;
   schema:url <http://ebookcentral.proquest.com/lib/ucm/detail.action?docID=4644215> ;
   schema:url <http://UCM.eblib.com/patron/FullRecord.aspx?p=4644215> ;
   schema:url <http://public.eblib.com/choice/publicfullrecord.aspx?p=4644215> ;
   schema:workExample <http://worldcat.org/isbn/9781317329909> ;
   wdrs:describedby <http://www.worldcat.org/title/-/oclc/957436019> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/3805385472#Agent/taylor_and_francis> # Taylor and Francis
    a bgn:Agent ;
   schema:name "Taylor and Francis" ;
    .

<http://experiment.worldcat.org/entity/work/data/3805385472#Series/routledge_advances_in_heterodox_economics> # Routledge advances in heterodox economics.
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/957436019> ; # The Financialization of GDP : Implications for economic theory and policy.
   schema:name "Routledge advances in heterodox economics." ;
   schema:name "Routledge Advances in Heterodox Economics" ;
    .

<http://experiment.worldcat.org/entity/work/data/3805385472#Topic/business_&_economics_economics_macroeconomics> # BUSINESS & ECONOMICS / Economics / Macroeconomics
    a schema:Intangible ;
   schema:name "BUSINESS & ECONOMICS / Economics / Macroeconomics"@en ;
    .

<http://UCM.eblib.com/patron/FullRecord.aspx?p=4644215>
   rdfs:comment "Click here to view book" ;
    .

<http://worldcat.org/entity/work/data/3805385472#CreativeWork/financialization_of_gdp_implications_for_economic_theory_and_policy>
    a schema:CreativeWork ;
   rdfs:label "Financialization of GDP : Implications for economic theory and policy." ;
   schema:description "Print version:" ;
   schema:isSimilarTo <http://www.worldcat.org/oclc/957436019> ; # The Financialization of GDP : Implications for economic theory and policy.
    .

<http://worldcat.org/isbn/9781317329909>
    a schema:ProductModel ;
   schema:isbn "1317329902" ;
   schema:isbn "9781317329909" ;
    .

<http://www.tandfebooks.com/isbn/9781315658056>
   rdfs:comment "Click here to view" ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.