Improving US National Accounts Integration and Consistency: A Review Article on A New Architecture for the U.S. National Accounts

J. JOSEPH BEAULIEU AND ERIC J. Bartelsman introduce Chapter 8 of this book by a French proverb: "A man with one watch knows what time it is; a man with two watches is never quite sure." The pending question is about that man without a watch; is he entitled to tell what time it is? With this addition, the proverb covers various problems faced by National Accounting which are the subject of this book. In general, data users should aim to have a better understanding of the national accounts. This volume, entitled A New Architecture for the US National Accounts and edited by Dale W. Jorgenson of Harvard University, J. Steven Landelfeld of the US Bureau of Economic Analysis and William D. Nordhaus of Yale University, (2) contributes to this better understanding by providing an excellent overview of the many facets of this rapidly evolving subject. As the title indicates, it focuses on new developments in the U.S. National Accounts. Yet, the contributors also provide an overview of the system of accounts currently used in the United States, drawing parallels with the 1993 System of National Accounts (SNA93) in use elsewhere, especially in European countries. The United States. has taken the lead in terms of the development of the national accounts, and the work done by American institutions and agencies is of paramount interest. As such, we cannot do anything but strongly recommend that all macro-economists closely examine the various chapters of this volume.