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By A. Vanoli

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7 22. 0 23. 7 27. 0 IV. Capital Transactions Account 24. Domestic asset formation 25. Foreign lending 26. 4 28. Receipts on capital account V. External Account 29. Exports 31. b. 0 (b) Shipping services 32. Foreign lending 30. b. 33. 1 1 Note on sources o f this table. Most of the items are directly derivable from King’s Natural and Political Observations. See pp. 30-31 for items 2, 4, 14 and 15, and pp. 54-55 for item 10. For items 20, 21, and 22 the source was Davenant: see his Discourses on the Public Revenue, Part I, p.

Book II, Chapter VI). In so doing, he provides a theoretical base for the measurement of these concepts, which in previous works on national income proceeded from a completely empirical approach. He therefore paved the road for the national accounts aggregates to enter into the debates of economic policy, generating an impressive public requirement for national accounts. The situation o f which Colin Clark complains will soon change in Great Britain. That is not the case for France, which will be lagging behind with poor statistics and a lack of official interest.

This is particularly the case in England where data derived from income tax are used. Afterwards, countries employ either method, depending on their particular situation. Repeated estimates for several years are scarce. Gregory King’s early attempts were extraordinary in this respect. Timothy A. Coghlan (1856-1926), a government statistician of New South Wales, develops such an exercise at the end o f the 19th century, covering the eight Australasian colonies, applying, in turn, the three approaches.

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