chapter  1
12 Pages

The Concepts and Measures of National Income

NATIONAL income like love, is 'a many splendoured thing'. It is at once a unique and manysided entity. Unique because it is by far the best index of the health and growth of body economic. Manysided because it has a number of interdependent facets affecting the functioning of the whole economy in a delicate, intricate manner. This chapter is intended to provide a rudimentary survey of the concepts and measures of national income that are useful for different purposes.