National Accounts of Robinson's Economy

Abstract

The system of national accounts provides data for economic analysis, especially analysis of business cycle. While properties of time series are continually under discussion, much less formation and predicative ability of the aggregates. Aim of this paper is to contribute to activation of this discussion, to draw the attention on possible weak points in the relationship between the national accounts system and business cycle. These points refer to key concepts of the system of national accounts as a value-added approach, production-borders, recording of capital goods, disposable income definition, definition of savings or the strong concentration on the consumption. In the paper, we use the model of the economy of Robinson Crusoe that enable us to record the effects of economic activity from the very beginning and to show the effects of this activity on the aggregates of the national accounts system.

Keywords: national accounts, business cycle, value-added, savings, capital goods, wealth effect

JEL Classification: E01, E20, E30