Cat:

Value terminology employed for national income accounting purposes remotely resemble those standardized by GAAP. That annoys me.

If you could develop in a diary or comment what you think National Income Accounting should be like that would be interesting.

Otherwise, this is like a physicist, a chemist, and a perpetual motion machine crank getting annoyed at each other for using different meanings of the words "free energy"

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan