ABSTRACT
Entrepreneurship is the engine of economic progress, yet mainstream economics focuses on inputs such as human and physical capital, and technological advances, as causal factors. From a policy standpoint, the previous chapter argued, institutions should be the focus of analysis, rather than investment and education, as policies to promote economic progress. Yet institutions remain underappreciated both by economists and by policy makers. This chapter focuses on the impact of national income accounting on policies related to economic progress, in the context of public policy toward economic progress as it developed through the twentieth century.
