Does the growing share of exchange of intangibles, in global exchanges
challenge the definition and comparability of the macro-economic aggregates
on which national accounts are based? If yes, how should they be revised?
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From Rishab Aiyer Ghosh:
Yes, in various ways. First, it challenges the notion of national
accounts, as the exchange of intangibles goes hand in hand with a blurring
of national borders. Nothing much can be done in response to this. Second,
it skews accounts by altering the weightage of economic activity under
conventional measures as a proportion of the total economic activity of
a country. Unfortunately not too much can be done about this either. Macroeconomic
aggregates quantify far more than may be reasonably possible for the intangibles
of an information economy.
Solutions to this problem would be based on equivalence measures as
outlined in the response to question 11. Apart from cost-estimates based
on equating priced and non-priced products, other equivalence measures
could include quantified cost estimates of time, level of participation,
and degree of trade indulged in by people in intangible exchanges (e.g.
putting a figure of X dollars per hour per person spent contributing to
discussion groups online).