Expectations, Capital Gains, and Income

Robert Hill · T. P. Hill

43 citations0/0 files storedEconomic Inquiry

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Accounting Theory and Financial Reporting Economic Theory and Policy Economic theories and models

Abstract

A theoretical framework for the measurement of income under uncertainty is developed that addresses some long‐standing controversies about the treatment of capital gains. The consequences for economic analysis and policy making are potentially serious, because the treatment of capital gains can significantly affect some major macroeconomic aggregates, including national income and savings, balance of payments deficits, government deficits, and depreciation. (JEL O47, P44, Q32)

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References

1957Theory of the Consumption Function 1960A Theory of the Consumption Function 1992Understanding Consumption 1976On the Welfare Significance of National Product in a Dynamic Economy 1998Extended Accounts for National Income and Product 1990A General Mathematical Theory of Depreciation 1938Personal Income Taxation 1985A Test of the Hotelling Valuation Principle

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n.d.Measuring Capital in the New Economy

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