Saturday, July 30, 2011

Balance on Current Account, NIPA's (graph, 729)

By Bob DeMarco
All American Investor

The estimation of national income was initiated during the early 1930s, when the lack of comprehensive economic data frustrated the efforts of Presi­ dents Hoover and Roosevelt to design policies to combat the Great Depression. In response to this need, the Department of Commerce commissioned Simon Kuznets of the National Bureau of Economic Research (NBER) to develop estimates of national income.

Pro­fessor Kuznets headed a small group within the Bureau of Foreign and Domestic Commerce’s Division of Eco­nomic Research. Professor Kuznets coordinated the work of researchers at the NBER in New York and his staff at Commerce. The estimates were presented in a report to the Senate in 1934, National Income, 1929–32.

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Source(s): U.S. Department of Commerce: Bureau of Economic Analysis
Release: Gross Domestic Product
Units: Billions of Dollars
Frequency: Quarterly

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Original content Bob DeMarco, All American Investor