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Capital and TimeA Neo-Austrian Theory$
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J. R. Hicks

Print publication date: 1987

Print ISBN-13: 9780198772866

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198772866.001.0001

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Social Accounting

Social Accounting

Chapter:
(p.27) III Social Accounting
Source:
Capital and Time
Author(s):

John Hicks

Publisher:
Oxford University Press
DOI:10.1093/0198772866.003.0003

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

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