Question

describe the national income​

Answer 1

National income is the total value a country's final output of all new goods and services produced in one year. Understanding how national income is created is the starting point for macroeconomics.

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Answer 2

Answer:

National income accounts (NIAs) are fundamental aggregate statistics in macroeconomic analysis. The ground-breaking development of national income and systems of NIAs was one of the most far-reaching innovations in applied economics in the early twentieth century. NIAs provide a quantitative basis for choosing and assessing economic policies as well as making possible quantitative macroeconomic modeling and analysis. NIAs cannot substitute for policymakers’ judgment or allow them to evade policy decisions, but they do provide a basis for the objective statement and assessment of economic policies.

Combined with population data, national income accounts can provide a measure of well-being through per capita income and its growth over time. Also, NIAs, combined with labor force data, can be used to assess the level and growth rate of productivity, although the utility of such calculations is limited by NIAs’ omission of home production, underground activity, and illegal production. Combined with financial and monetary data, NIAs provide a guide to inflation policy. NIAs provide the basis for evaluating government policy and can rationalize political challenges to incumbents by people who are dissatisfied with measurable aspects of the government’s policies. In emerging and transition economies, implementing a dependable and accurate system of NIAs is a crucial step in developing economic policy.

NIAs, to be most useful, require honest and timely publication. Long-delayed information is of no use either in making policy or in monitoring the efficacy of policies already implemented. Delay frequently implies that the government has something to hide. Indeed, once released, NIAs can enforce their own discipline. That is, obfuscation cannot be maintained by altering or exaggerating one aspect of NIAs, say investment or growth of total income, since each such number is related to others, and consistency is a check on the accuracy of the components. Because the data cannot easily be faked, autocrats are loathe to publish their countries’ NIAs and either proscribe or delay their release. Turkmenistan’s dictator, for example, does not report to the IMF, and the governments of Myanmar (1999) and Zimbabwe (2000) ceased reporting NIAs. Conversely, nation-states that are committed to democracy report their NIAs, warts and all—for example, Croatia or Nigeria and proto-states such as Montenegro or Kosovo—laying bare the economic policy issues that confront them.