NEW ESTIMATES OF GROSS NATIONAL PRODUCT FOR THE UNITED KINGDOM 1830–1914

This paper presents a new annual series for United Kingdom gross national product, at current and constant prices, calculated from the expenditure side. These results differ significantly from previous estimates in that they go back to the beginning of the railway age on an annual basis and also in that the constant price estimates involve a detailed deflation of the main components of expenditure on consumption and capital formation. The implications of the new results are summarised, with particular reference to rates of growth and relative price changes, and an appendix describes the sources of the estimates.     

NEW ZEALAND'S GROSS NATIONAL PRODUCT: 1859–1939

In this paper the author continues the work of Hawke, who used Australian velocity of money data to estimate New Zealand's GDP for 1870–1918, and whose results have been incorporated into international studies through the work of Bairoch. He also provides an alternative set of estimates for the inter-war years to those published by Lineham. The important findings of the paper are: (i) that Australian data show a significant relationship between the velocity of money and the price level; (ii) that New Zealand's income was significantly higher in 1870 than Hawke's estimates suggest; (iii) that sustained per capita growth has not been New Zealand's normal experience; (iv) that previous GDP estimates for the inter-war period have failed to reflect the fluctuations of the New Zealand economy and the extent to which it was operating below its production possibilities frontier during the Great Depression of the 1930s.     

THE TREATMENT OF STOCK APPRECIATION IN THE MEASUREMENT OF NATIONAL INCOME*

In the latest official national income publication the Australian Commonwealth Statistician has altered the treatment of stock appreciation in the measurement of national income at current prices. Previously, stock appreciation had been included in both national expenditure and national product. Now the amount of stock appreciation (the difference between the change in the value of stocks and the value of the change in stocks) has been deducted from investment in stocks, and consequently national expenditure, and from trading incomes, and consequently national income. The former procedure (including stock appreciation in national expenditure and national product) had been advocated by the present author, when editor of the first official national income publications issued by the Commonwealth Statistician. In this note an attempt is made to set out the reasons for this view. A new approach is also suggested for handling the item of stock appreciation in national income accounts, which does not rest on the assumption that stock appreciation is a capital gain which should be excluded from trading incomes and national product.     

NATIONAL PRODUCT AT CONSTANT PRICES IN THE FEDERAL REPUBLIC OF GERMANY

With few exceptions, only cormmodity flows and values which can be determined by means of commodity flows (flows of goods and services) are calculated in constant prices in the official national accounts of the Federal Republic of Germany. Figures an the industrial origin and the final use of the national product are published, the former according to thirty industries, the latter according to the major types of uses of which in particular private consumption expenditure has been further analysed. The computations at constant prices are based on market prices and not on factor costs. It is only on this basis that a uniform valuation of the production and the expenditure side can be made since the turnover tax, which is the most important indirect tax, is contained in the elements of final demand in varying shares and cannot be eliminated (the tax is part of the price and has cumulative effect). The computation at constant prices presupposes a breakdown of the values in current prices according to quantities and prices. This raises a number of problems, e.g. because seller and buyer may consider differing aspects-production costs, technical attributes, etc., on the one hand, and use etc., on the other hand. In part there exist only vague ideas, or no ideas at all, as to what is to be considered-from a theoretical point of view-as quantity and price. In other cases the two values can only with great difficulties, if at all, be quantified, or there exists no market price and only the production costs are available. The author deals in greater detail with differences in quality and new commodities, the determination and treatment of quantities and prices for services, in particular for trade services (services attached to goods), the computation of government services at constant prices considering the development of productivity in public service, the determination of the values calculated as balances, above all the treatment of changes in the terms of trade for net exports of goods and services, the computation of the contributions of industries to the gross domestic product and, finally, the reconciliation of the production and the expenditure side. In a third section the author deals with index formulae and the base year. In the majority of cases values are deflated; partly, however, they are currently adjusted by means of volume and quantity data. On the production side the two methods are in part combined. In a concluding section a survey is provided of the computation methods used in the Federal Republic of Germany and on the available material for the computations. Mention is made of depreciation at constant prices.     

省际亲贫式支出对国民幸福水平影响的差异化研究

本文以公共财政学、新经济地理学、空间计量经济学为理论基础,引入地理空间因素,分析了2000-2010年亲贫式支出对国民幸福水平的省际影响。研究发现：空间溢出效应明显存在;本地区每增加1%亲贫式支出会带动国民幸福指数提升范围大致在02%~1%之间,邻近地区国民幸福指数提高1%会带动本地区国民幸福指数提升07%左右;空间计量模型估计效果优于最小二乘估计效果,空间滞后模型优于空间误差模型。新经济地理学理论能够提供我国各省市亲贫式支出与国民幸福指数集聚、差异及其形成原因的部分解释。     

EXPANDING IMPUTED VALUES IN THE NATIONAL INCOME AND PRODUCT ACCOUNTS*

After defining economic activity the author lists the chief types of non–market economic activities for which he has prepared estimates for the United States 1929–1973, and briefly describes his methodology and data sources. Some major findings are: (1) As of 1973 GNP adjusted to include the additional imputations was 63.5 percent larger than the official estimate. (2) At least since 1929 imputed values have grown faster than official GNP, especially when both are measured in terms of real factor costs. (3) The personal sector comprises a far larger portion of the national economy-almost one-third—when account is taken of imputed labor and property compensation, and its relative importance has grown. (4) Gross government product is more than 60 percent higher when the imputed rental value of public property is added to the compensation of general government employees. (5) Reflecting the relative growth of non-business wealth, imputed property income has risen much faster than monetized property income. This has mitigated the decline in the property share of expanded gross national income compared with its share in the official estimates.     

AN ESTIMATE OF THE SIZE ANL STRUCTURE OF THE NATIONAL PRODUCT OF THE EARLY ROMAN EMPIRE

On the basis of rough estimates from the expenditure as well as from the income side, it is suggested that the national product per head of the Roman Empire at the death of Augustus (AD 14) was somewhat below 400 sesterces (31 g gold) yielding an aggregate national product of fully HS 20 billion for a population of 55 million and that these figures were approximately valid from the late first century BC to the mid-second century AD. The share of government expenditures in national product was very low, probably not above five percent, and that of gross capital expenditures even lower, probably not in excess of two percent. An attempt is also made to appraise the concentration of personal income and it is estimated that the 600 senatorial families, representing approximately the top 0.04 per m of the population, received about 0.6 percent of total personal income while the share of the top three percent of income recipients was in the order of 20–25 percent of total personal incomes. The second part of the article compares these estimates as well as a few indicators of the standard of living and of welfare in the early Roman Empire with the corresponding figures for a few countries before the industrial revolution and for mid-20th century less developed countries.     

EFFECTS OF THE SUNDAY SHOPPING RESTRICTION IN KOREA

We examine the effectiveness of Korea's Sunday superstore shopping regulation, whose purpose is to protect small‐ and medium‐sized retailers as well as traditional markets. Applying a two‐way random‐effects regression model to the daily sales data of four megastores and four super supermarkets, we find the net sales decrease of superstores is on average 5.61% of daily sales after taking into account sales increases due to consumers' switching to weekdays. Only about 17%–19% of the reduced superstore sales are transferred to traditional markets. Based on these estimates, the compensating variation per year is predicted to be 2.4–2.5 trillion Korean won (around US $2.1–2.2 billion). (JEL L51, L88)     

AN EXPENDITURE-BASED BILATERAL COMPARISON OF GROSS DOMESTIC PRODUCT BETWEEN CHINA AND THE UNITED STATES

This paper presents a detailed bilateral comparison of GDP between China and the U.S. with 1986 as a reference date, using the purchasing power parity (PPP) approach formulated by the United Nations International Comparison Program (ICP). An estimate of PPP over GDP made for Chinese currency in this study was used t o estimate China's dollar per capita GDP in 1986 and 1991. The specific issues in the comparisons of the housing and the comparison-resistant services categories were discussed and an approach similar to the estimation of shadow rent was exercised. The possible errors in the bilateral comparison were analyzed.     

THE EMERGENCE OF FREELANCER COOPERATIVES IN SOUTH KOREA

This paper examines freelancer cooperatives that have recently emerged in South Korea. In particular, it investigates the reasons why freelancers have established cooperatives and what conditions are required for freelancer cooperatives to increase their work. A review of the extant literature on the manner in which freelancers have to organize, as well as case studies regarding freelancer cooperatives, shows that freelancer cooperatives have emerged in order to reduce members' job uncertainty and to reduce time variance of projects assigned to a freelancer. Based on an analysis of freelancers’ organizational characteristics relative to entrepreneur cooperatives and worker cooperatives, we propose that the freelancer cooperatives are a hybrid between entrepreneur cooperatives and worker cooperatives. This paper also proposes the conditions required for development of freelancer cooperatives and suggests how those are distinguished from traditional entrepreneur cooperatives.     

THE MYTH OF FREE LABOUR MARKET IN KOREA

The paper challenges the conventional view that a free labourmarket has played a crucial role in producing good growth andequity performance in Korea. The paper first shows that thisview is based on problematic models of growth and equity, andthat it is not supported by the empirical evidence from Koreaeven in its own terms. Then we discuss the conceptual problemswith the notion of ‘free labour market’. It is pointedout that, without explicit moral judgement concerning the underlyingsystem of rights, it is not possible to maintain a coherentnotion of ‘free labour market’. It is then shownthat, contrary to the conventional wisdom, the Korean labourmarket has been heavily regulated, with the state taking anactive role in the management of conflict and in the promotionof learning. We show that the Korean state has tried to manageconflict in the labour market through a combination of politicalrepression, appeasement and mobilisation and has tried to promoteskill formation and learning through manpower planning, subsidiesto education, and various training and retraining schemes. Itis argued that, while by no means unambiguous successes, suchstate involvements in the labour market have been critical inthe industrial success of Korea.     

MINIMUM WAGES AND GROSS DOMESTIC PRODUCT

This study is the first to explore the relationship between minimum wage increases and state gross domestic product (GDP). Using data drawn from the Bureau of Economic Analysis (BEA) and the Current Population Survey (CPS) from 1979 to 2012, I find no evidence that minimum wage increases were associated with changes in overall state GDP. However, this null finding masks substantial heterogeneity in the productivity effects of minimum wages across industries and over the business cycle. Difference‐in‐difference‐in‐difference estimates suggest that a 10% increase in the minimum wage is associated with a short‐run 1% to 2% decline in state GDP generated by lower‐skilled industries relative to more highly skilled industries. This differential appears larger during troughs as compared to that during peaks of the state business cycle. (JEL J3, J4, L5)