Abstract
This is the first of four chapters on the principles of national accounting, beginning with the definition of an economy. After briefly outlining what is meant by the measurement of economic value, the transactor/transaction principle is exposed as the fundamental rule for determining the data for national accounts. A hierarchical system of terms is constructed, detailing the transaction concept and clarifying its classification criteria. Then the concept of transformation is brought in as a complement to transactions needed for determining the value of production and consumption. A digression into the history of the debate on the transaction concept completes the chapter.
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© 2001 Utz-Peter Reich
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Reich, UP. (2001). Transactions and Their Economic Functions. In: National Accounts and Economic value. Palgrave Macmillan, London. https://doi.org/10.1057/9780230512900_2
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DOI: https://doi.org/10.1057/9780230512900_2
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-40765-1
Online ISBN: 978-0-230-51290-0
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)