Chapter

Social Accounting

John Hicks

in Capital and Time

Published in print October 1987 | ISBN: 9780198772866
Published online November 2003 | e-ISBN: 9780191596414 | DOI: http://dx.doi.org/10.1093/0198772866.003.0003
 Social Accounting

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This chapter constructs a model of an economy in terms of its productive processes. It presents the Social Accounting Equation, and argues that it should be viewed as a definition of profits. It draws a clear distinction between the ‘ideal’ social accounting system, such as it is natural to use in theory, and the practical system which inevitably stands proxy for it in applied economics. The former is based upon a forward-looking valuation of capital; the latter upon a backward-looking valuation. The former is self-consistent, automatically; the latter is not automatically self-consistent.

Keywords: economic model; economy; productive processes; Social Accounting Equation; capital

Chapter.  4289 words. 

Subjects: Macroeconomics and Monetary Economics

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