Utz-Peter Reich addresses economists interested in a sound empirical foundation for their theoretical concepts. He investigates economic value and determines how value is defined in theory, which is microeconomic, and how it is measured in practice in national accounts. He demonstrates that microeconomic theory is not made to guide or interpret national accounts figures and he offers an alternative theory.

Introduction
Why Write About Value in the Context of National Accounts
Nominal Accounts
Transformation
Real Accounts
The Quality Problem
Theory of Value
Value Theory of the National Accounts
Value Theory in Economics
Open Questions
Index

UTZ-PETER REICH is Professor of Economics and Statistics at the Mainz University of Applied Sciences. He has been Chairman of the Council of the International Association for Research and Income and Wealth.