Economic Theory and Practice in the Asian Setting, Volume 1. Committee on Economics Teaching Material for Asian Studies. (New Delhi, Wiley Eastern Ltd., 1975).

Sohail J. Malik


This collection of eight articles on macroeconomics edited by
the Com¬mittee on Economics Teaching Material for Asian Universities and
published by Wiley Eastern Limited, New Delhi, is the first of four such
collections; the other three deal with microeconomics, agriculture, and
development. The volume under review covers seven aspects of
macroeconomic theory. These are: national income, consumption, savings,
money, trade, employment and economic growth. The national income
article is "The New National Income Estimates'* by H.W. Arndt and C.
Ross. It highlights the structure and growth of the Indonesian economy.
The initial portion is detailed and descriptive. It provides insight
into the existing data on national accounts, a comparison between old
and new estimates, and describes the many problems faced in arriv¬ing at
these. That these accounts are based on shaky statistical foundations is
not new to the Asian student of economics. In the later portion of the
article the authors use the U.N. Year Book of National Accounts for an
interesting comparison of the components of expenditure.

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