National Income

National Income

The total income of the nation is c eithered the National Income. The aggregate economical performance of the whole economy is mensural by the matter income data. In real terms, National Income is the flow of goods and services produced in the economy in a break outicular period of snip -- a year.

Modern economy is a bills economy. Thus, theme income of a country is expressed in money terms. We may, therefore, state that subject income is a money measure of the shed light on aggregates of all services and commodities becoming available to the nation as a result of the economic activities of the community during a specific epoch period. It is important to note that national income is always expressed with reference work to a time interval. It is meaningless to talk of national income without mentioning the time period over which it is generated.

Different economists have defined national income:

Alfred Marshall The labour and capital of a country acting on its natural resources produce annually a net aggregate of commodities, literal and immaterial, including services of all kinds.

A.C.Pigou National Income is that part of objective income of the community including income derived from abroad which can be measured in money.





Irving Fisher National Dividend or national income consists only if of services as received by net consumers whether from their material or human environment.

Simon Kuznets It is the net output of commodities and services period during the year from the countrys productive system in the hands of ultimate consumers.

Paul Samuelson National Income is the loose name we give for the money measure of the overall flow of goods and services in the economy.

The more or less commonly used notion of national income was, however, derived from the idea that was create by Lord John Maynard Keynes. His approach was a exit from the earlier thinking and was more scientific towards aggregate summary of income and...If you want to get a full essay, order it on our website: Orderessay



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