The Input-Output Table and Integrated Economic Accounts
Chapter 10 THE INPUT-OUTPUT TABLE AND INTEGRATED ECONOMIC ACCOUNTS 1. The supply-and-use tables (SUTs) 2. The aggregate supply and final uses tables 3. Intermediate use table (IUT) 4. The input-output table 5. The use of the input-output table for economic analysis 6. From the sum of the values added to GDP 7. The integrated economic account (IEA) 8. The transition from GDP to national income THE INPUT-OUTPUT TABLE AND INTEGRATED 10 ECONOMIC ACCOUNTS CHAPTER 10 The Input-output Table and Integrated Economic Accounts According to Edmond Malinvaud, one of the most distinguished contemporary French economists, the national accounts are “the presentation, in a rigorous accounting framework, of all the quantitative information relating to the nation’s economic activity”.* Here, the importance of the words “rigorous accounting framework” must be stressed. In fact, any macroeconomist carries in his head a simplified model of the economy in which everything made by someone is used by someone else, anything exported by someone is imported by someone else, anything saved by someone is invested by someone else, and so on. However, basic statistics are not presented in a “rigorous accounting framework”. They never precisely tie in together. For example, for a given product, the figures for total output are not going to correspond to the figures for total use. The reason for this is simply that output statistics are compiled differently from those of use: the statistical questionnaires are not addressed to the same people; the classifications are different; statisticians apply different methods; and so on. Some people have even ironically formulated a “theorem” that states if two statisticians are given the same set of data, the aggregate results they provide will necessarily be different! For these reasons, macroeconomists appreciate that national accounts constitute one of the rare cases in which statisticians provide tables that are (almost) completely consistent.
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