Accounting both for macro and microeconomic purposes deals with process

and dynamics. Much of the best microeconomic theory has dealt only with

statics. General equilibrium theory shows the virtues of a price system, but

abstracts from price formation and all of the accounting problems which

appear in disequilibrium. An approach is suggested here for reconciliation

of accounting with general equilibrium. More generally, it is suggested that

the importance of accounting to economic theory has been underestimated.