National Income - NI
National Income - NI
National Income:
The total amount of income accruing to a country from economic activities in a years time is known as national income. It includes payments made to all resources in the form of wages, interest, rent and profits. J.M.Keynes, a famous economist defined national income as follows -
"National Income is the money value of all goods and services produced in u country during a year".
Importance of National Income Analysis:
1. Economy:
National income data are of great importance for the economy of a country These days the national income data are regarded as accounts of the economy, which are known as social accounts. These refer to net national income and net national expenditure, which ultimately equal each other.
2. National Policies:
National income data form the basis of national policies such as employment policy, because these figures enable us to know the direction in which the industrial output, investment and savings, etc. change, and proper measures can be adopted to bring the economy to the right path.
3. Economic Planning:
For economic planning, it is essential that the data pertaining to a country's gross income, output. saving and consumption from different sources be available. Without these, planning is not possible.
4. Economic Models::
The economists propound short-run as well as long-run economic models or long-run investment models in which the national income data are very widely used.
5. Research:
Research scholars make use of various data related to country's input, output, income, saving, consumption, investment, employment, etc., which are obtained from social accounts.
6. Per Capita income:
National income data are significant for determining a country's per capita income, which reflects the economic welfare of the country. The higher the per capita income, the higher is the economic welfare of the country.
7. Distribution of Income:
National income statistics enable us to know about the distribution of income in the country. From the data pertaining to wages, rent, interest and profits, we learn about disparities in the incomes of different sections of the society. Similarly, the regional distribution of income is revealed.
It is only on the basis of these that the government can adopt measures to remove the inequalities in income distribution and to restore regional equilibrium.
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