- National Income and Social Accounting
- Social Accounting of National Income (With Diagram)
- Social Accounting: Meaning, Components, Presentation, Importance and Difficulties
- The Importance of NIA Data in Policy and Development Analysis
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These tables concern themselves with current productive activities of the economy in much the same manner as national income and product accounts, but they focus attention on inter-industry relationships by measuring the flow of output between the major industrial sub-divisions of the economy. In actual economy there are several sectors in production like raw materials sector, labour sector, capital sector, finance sector which provide inputs for the manufacture of the final commodity. This input-output analysis helps us to separate the flow of goods and services between one sector and another and between one industry and another.
The Perspective Planning, Division of Planning Commission has worked out such input-output tables for the Indian economy. It shows that industries sell to one another and also to households. For example, agricultural sector may sell mangoes directly to consumers, in which case it is final output or it may sell to manufacturers for bottling mango juice, in which case it will be input for manufacturing industry. The input-output analysis are based on a number of assumptions like constant returns to scale in industries, absence of joint products, absence of technological change, constant stock flow relationship etc.
One great limitation of this analysis is that it does not show the relationship between stocks and flows. For example, in the short period increase in inputs can be effected by diverting the stocks rather than by increasing actual supplies. Peacock and Dosser while mentioning the limitations of input- output analysis in underdeveloped countries point out that there is very little inter-dependence amongst the sectors in highly underdeveloped countries. Their findings have been supported by the work of Dudley Seers. They point out that output of most of the industries in such economies is oriented to meet the final demand and their inputs contain primary products and Imports to a large extent.
There are in-fact, a few inter-industry relations.
Again, the non-existence and the unreliability of statistics in such countries stand in the way of comprehensive input-output tables. Parmeet Singh is also not in favour of constructing a multi-industry input-output tables for underdeveloped countries because of the concentration of production in a relatively few establishments and because of limited amount of inter-sectoral interaction. The immediate attempts in these countries should be in the direction of collecting reliable and relevant statistics.
National Income and Social Accounting
However, in spite of these limitations input-output tables and relationships are being used in the assessment of the requirement of resources. If in a programme of planned industrial development, the cement, steel, transport, power or agriculture are to be developed accurate assessment of the requirements of different types of materials, resources and services that go into their production can be made only on the basis of detailed input-output table or matrix.
Similarly, in the preparation of defence mobilization plan, if we have a list of goods required for defence purposes, this technique can help us in determining how much raw material, manpower and other resources or services would be needed. This input-output table shows three industries as manufacturers or producers and as purchases. These are Iron and Steel, Coal and Households. The production or output of iron and steel industry is worth Rs.
Social Accounting of National Income (With Diagram)
Further, households provide services worth Rs. The practical utility of such input-output table or matrix is seen from the fact that given the input-output coefficients, it is possible to determine not only the level of outputs in various industries for specific levels of inputs but also the probable changes in output caused by the changes in consumer demand or technology. For example, if the households decide to take iron and steel worth Rs. Another difference in the two types of accounts is that of methodology and presentation. In private accounts each transaction is recorded twice o once on the debit side and the other on the credit side.
In such a system called the double entry system, the balances of the debits and credits must be equal. In case of national accounts, the transactions are recorded only once, but the aggregates must be the same whatever method may be used for estimation. A concept sounding similar to double entry in private accounts is double counting, in national accounts double counting must be avoided.
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Nature of National Income and Social Accounting National income accounts provide a meaningful summary of the working of an economic system in a country. Prev Article. Next Article.
Social Accounting: Meaning, Components, Presentation, Importance and Difficulties
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Production Account The production account relates to the business sector of the economy. The last item relates to payments made to foreign sector for imports of goods and services.
The Importance of NIA Data in Policy and Development Analysis
All these items comprise of gross national income. The receipts side of the production account shows the incomings to the business sector from sales of goods and services to the household or personal sector. Government purchases refer to sales of goods and services sold by the business sector to government.
Gross Private domestic investment comprises the gross flow of capital goods and the net change in inventories. Net exports refer to the income earned by the business sector by selling goods and services to the other parts of the globe. The sum of all these items comprises of GNP by expenditure.