National accounting and the digital economy

The construction of national accounts by Colin Clark and others was a major contribution to, and assisted the documentation of, the prosperity of the second half of the 20th century. In the 21st century, the crucial problem is to account for the value of information. Information is, naturally a public good, even though it is costly to produce. Moreover, the distinctions central to the 20th century economy, such as those between primary, secondary and tertiary industry, and between households and the market economy are increasingly irrelevant. These changes bring new policy challenges and, with them, the need for new systems of national accounting.