STATISTICS OF NATIONAL WEALTH
After studying this chapter, the master must
• goals, objectives and functions of statistics of national wealth;
• The concept of national wealth and its basic elements;
• classification of national wealth: financial assets, non-financial assets;
• Factors affecting the amount of national wealth;
• the impact of investment on the value of national wealth;
• the importance of statistics of national wealth for solving economic problems arising in theory and practice; breadth and limited application of mathematical methods to the analysis and study of processes and phenomena in the economy and society;
be able to:
• use the acquired knowledge in practical activities and daily life to solve set economic problems using the apparatus of mathematical analysis;
• The conceptual apparatus in the field of statistics of national wealth.
The concept and composition of national wealth
National wealth (NB) is one of the most important macroeconomic indicators. On the one hand, the volume and structure of the National Bank characterize the prerequisites for economic activity. On the other hand, NB is the result of economic activity and largely determines the living standards of the country's population.
It should be noted that the National Bank, along with national income, is one of the first macroeconomic indicators, calculated by economic science. The first works in this field appeared in the 17th century, which was mainly due to fiscal goals. In order to establish an optimal taxation system, state bodies must have reliable information about the wealth and income of their citizens. However, until the Second World War, the calculations of national wealth were carried out irregularly, there was no unified definition of the NB and its components, the information and statistical base for its calculation was clearly insufficient.
After the Second World War and the formation of the UN, the introduction of the SNA into statistical international practice gave a powerful impetus to work in the field of the National Library of Belarus. In the Soviet Union, the NB calculations were carried out in accordance with the concept of material production. The following definition was officially adopted. National wealth is the aggregate of material goods that are the result of human labor accumulated in the process of economic activity, as well as of land and natural resources, accounted for and involved in economic turnover.
In accordance with this definition, the national wealth did not include a number of economic assets. In particular, financial resources were not included in the NB (they were considered to be only representatives of tangible assets and they should not be included in the NB in order to avoid re-counting). Intangible assets (licenses, patents, diplomas, etc.) were not part of the NB. Human capital is also not part of the National Bank, since under the conditions of a planned socialist economy the labor force was not a commodity, had no monetary value, and was systematically distributed among the sectors and economic regions of the country. Moreover, in fact, land and natural resources were not included in the NB: they belonged to the state, could not be bought and sold and therefore did not have a market valuation; they were taken into account only in kind. Virtually did not belong to the NB value: the vast majority of the values belonged to the state and also did not have a market valuation. Therefore, the wealth of the Hermitage, the Diamond Fund, the Armory Chamber, the Tretyakov Gallery and tens of thousands of other organizations that store rarities and antiques were also not actually included in the National Security Council of the Soviet Union.
At the international level, a unified approach to the definition of the NB and its components is provided by recommendations on the comparison of the SNA.
Proper assessment of the components of the National Bank is one of the most important problems in calculating the volume, structure and dynamics of the country's NB. In accordance with the recommendations of the UN, the NB includes: non-financial non-produced assets; non-financial assets produced; financial assets. Non-financial non-produced assets consist of tangible non-produced assets (land, minerals, water resources, hydropower, flora and fauna, riches of the rivers, seas and oceans, riches of the coastal shelf) and non-material nonproduced assets (licenses, patents, diplomats, trademarks, goodwill etc.). Non-financial production assets include fixed assets; material current assets; values. Intangible production assets consist of expenses for geological exploration work; to develop software tools; of the cost of originals of artistic and literary works. Financial assets are monetary gold, cash, currency, special drawing rights, deposits, shares, other securities, financial documents.
Schematically, the composition of national wealth can be represented as follows (Figure 4.1).
Fig. 4.1. Composition of national wealth
To characterize the wealth of economic agents, in addition to the categories listed above, the "equity" quotient is important. It is the difference between the value of assets and the value of liabilities of each economic unit. The amount of equity and its share in the total capital of each economic unit is the most important indicator of financial stability. For the country as a whole, equity is the difference between the value of assets of all resident economic units and the value of their financial obligations. The amount of equity capital of all units of residents of a given country is the total value of its national wealth.
The evaluation of its components is of fundamental importance in determining the NB indicators. NB can be estimated either in current (effective, actual) prices, or in comparable (constant) prices. The NB estimate in current prices allows one to study its natural-material structure, and also makes it possible to link its indicators with other macro indicators (population and labor resources,
indicators of the results of economic activity; the consumption fund and the accumulation fund; indicators of the standard of living of the population). The NB's valuation in comparable prices is necessary for studying the dynamics of the total volume of wealth and its components. At the same time, different types of prices are used to assess the various elements of the NB.
For evaluation of fixed capital, the following types of valuation are used: historical (accounting) cost, replacement cost, market value. These types of valuation can be calculated in two versions: at full cost and at cost less depreciation (residual) value. The total cost reflects the total cost of acquiring and commissioning components of fixed capital, and the cost less depreciation - the real cost of capital at the time of registration.
Historical (accounting) value is the value of fixed capital at the time of its commissioning. It includes the cost of acquiring, transporting, installing and installing fixed capital. This type of valuation is similar to the initial assessment of fixed assets, which is used by United States statistics. For historical (accounting) value, fixed capital is credited to the balance of its owner. Therefore, this type of valuation is also called the book value. Historical (accounting) cost is the basis for calculating depreciation funds.
The cost of replacing fixed capital is the cost of reproduction of this type of fixed capital in modern pricing conditions. The replacement cost is similar to the replacement cost of fixed assets, which is used by United States statistics. The replacement cost is determined as a result of revaluation of fixed capital based on capital investment indices.
The market value of fixed capital reflects its real value in the specific conditions of the current economic situation. It depends on the ratio of supply and demand to the various elements of fixed capital. Market value is formed in the market as a result of interaction of the subjective value of the seller's and buyer's capital. If the subjective value of the seller and the buyer coincide, then market value is formed. If the subjective value of the seller and the buyer do not coincide, then there is no purchase and sale transaction, and as a consequence, there is no market price. It should be emphasized that market value is extremely important for the evaluation of those elements of the NB for which there are no other types of valuation (intangible assets, values, land and natural resources).
Valuation of working capital, reserves and stocks of various purposes is carried out at the prices of actual acquisition. At the same time, the holding profit (loss) is taken into account, which arises in connection with changes in prices for inventories during the period under study. Therefore, in the balance sheets of assets and liabilities of economic units there is a special position "revaluation" that allows you to link the cost of working capital, reserves and reserves at the beginning and end of the period.
The assessment of land and natural resources causes great difficulties. These components of the National Bank are not the product of human labor, but act as gifts of nature. Therefore, they can only have market value, which depends on many factors: the economic situation in the country (the worse the situation, the higher the price of land and natural resources, which in this case serve as a means for preserving capital); from the legislative policy (the legislation in the field of land and environmental policy largely determines the functioning of the land and natural resources market); from the location of the land and natural resources and the existing infrastructure; from the size and quality of the land plot; from the quality and depth of mineral deposits, etc. Therefore, the valuation of land and natural resources is usually very approximate.
The following types of prices are used for land valuation: market price of a land plot; the market price of the farm (it includes, in addition to the cost of land, the cost of the costs of improving the land and the cost of buildings on the land); the cost of renting a plot, which is determined either by the profitability of the land, or by the cost of the services that they represent.
A similar situation occurs with minerals. As a rule, their use is under the control of the state. Therefore, the evaluation of minerals can be carried out by the following methods:
a) on the cost of exploration and extraction of minerals;
b) at wholesale prices, according to which the relevant type of raw materials is drawn in the economy;
c) at the cost of the concession (if the state leases mineral deposits, timber or fish resources for exploitation to private individuals or organizations).
Of course, all three types of valuation are underreported, which necessitates the development of realistic estimates of natural resources.
Even more difficult is the valuation of intangible assets. Here it is necessary to solve two problems: to correctly determine the service life of intangible assets and calculate the economic effect of their use.
As for financial assets, their valuation is as follows:
a) foreign exchange reserves are revalued at the average exchange rate or exchange rate at the accounting date;
b) Monetary gold, silver, platinum - at the average market price or price at the date of registration;
c) securities (shares, bonds, etc.) are valued at the average rate at which they are quoted on the exchange;
d) other financial documents can be estimated at the nominal value of the amounts specified in these documents.
When studying the composition of the National Bank, the grouping method is widely used. The following groups are most often used in the statistics of foreign countries:
a) by source of origin of assets. All elements of wealth are divided into gifts of nature (land and natural resources) and the fruits of human labor (the results of economic activity);
b) in the form of existence of assets allocate tangible and intangible assets;c) for economic purposes, allocate means of production (production goods) and consumer goods (non-productive goods);
d) on the role in the process of economic activity - intermediate goods and services and final goods and services;
e) on the territory - in accordance with the administrative-territorial division of each country;
e) by forms of ownership, as a rule, allocate state, municipal, collective, private, foreign ownership, various forms of mixed ownership;
g) by sectors and sectors of the economy - based on sectoral and sectoral classification adopted in each country.
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