THE PAKISTAN DEVELOPMENT REVIEW
Economic Theory and Practice in the Asian Setting, Volume 1. Committee on Economics Teaching Material for Asian Studies. (New Delhi, Wiley Eastern Ltd., 1975).
This collection of eight articles on macroeconomics edited by the Committee 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 arriving 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.