I was one of the group who did the first National Profit and Loss Account (for the USA in 2014) which is reproduced in this website. I am way past retirement, and it is for others to make use of this initial prototype.
Our intention at the outset was to measure the adequacy of consumer income against national consumer production; the relationship between consumer purchasing power and the production of consumer goods and services available. The exercise produced in our view valuable information.
A deficiency of consumer purchasing power of $2.4 trillion was discovered. Considered in another way, this might be seen as a national profit; an excess of outcome over inducement. The consumption of this was financed by an increase in total American indebtedness of $2.3 trillion; a very close approximation of what was necessary for a full clearance of consumer production.
The implications and ramifications of the above are worthy of many a thesis. Some will come to mind upon a perusal of the prototype accounts. I’m Edward.
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