Assessment of the theory of comprehensive national accounting with data for Portugal |
| |
| Affiliation: | 1. NOVA School of Business and Economics, INOVA, Universidade Nova de Lisboa, Portugal;1. Department of Pharmaceutical Sciences, University of Toronto, Toronto, ON, Canada;2. Department of Medical Imaging, University of Saskatchewan, College of Medicine, Saskatoon, SK, Canada;3. Department of Medical Imaging, Royal University Hospital Saskatoon, Saskatoon, SK, Canada;4. Department of Medical Imaging, University of Toronto, Toronto, ON, Canada;5. Toronto General Research Institute, University Health Network, Toronto, ON, Canada;1. Department of Neurology, Zhongshan Hospital, State Laboratory of Medical Neurobiology, Institutes of Brain Science, Collaborative Innovation Center for Brain Science, Fudan university, Shanghai, China;2. Academy of Forensic Science, Shanghai 200063, China;3. Department of Clinical Laboratory, Zhongshan Hospital, Fudan university, Shanghai, China;4. Shanghai Institute of Pharmaceutical Industry, Shanghai, China;5. Institutes of Biomedical Sciences, Fudan University, Shanghai, China;6. Shanghai Ninth People''s Hospital, Shanghai Jiaotong University School of Medicine, Shanghai, China |
| |
| Abstract: | We present time-series tests of the quality of genuine savings and green net national income for predicting welfare changes. These tests check the validity of the theory of comprehensive national accounting, and more broadly of the theory of economic growth. The value of technological progress is included, as well as the effects of business cycles. We use estimates for Portugal as inputs. Overall, our results indicate that both genuine savings and changes in green net national income have the same sign as changes in welfare, but reject the hypothesis that the estimated comprehensive national accounting measures coincide with the theoretical expressions. The results also suggest that comprehensive accounting indicators perform better than conventional national accounting indicators, implying that, in general, the corrections proposed by the comprehensive accounting theory add explanatory power to conventional measures. The exception is the inclusion of education expenditures and technological progress, which decrease explanatory power. Excluding business cycles from green net national income increases the agreement with the theory. Comparing both indicators, in general, genuine savings presents better results. |
| |
| Keywords: | |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
