Presented by Martin Weale, King’s College London
The System of National Accounts suggests that changes in service quality should be reflected in volume measures in the National Accounts. The introduction of preventative medicine raises issues because it reduces the risk of unpleasant outcomes rather than generating extra output.
This webinar discusses recent work from Martin Weale. This proposes that new preventative measures should be treated as newly-introduced services and shows how they can be incorporated in the National Accounts. The approach is illustrated with the Diabetes Prevention Programme, introduced in England in 2017.
Martin Weale joined King’s College after six years as a member of the Bank of England’s Monetary Policy Committee and fifteen years as Director of the National Institute of Economic and Social Research. Since he began his research career in Cambridge working with Sir Richard Stone, he has taken a strong interest in economic statistics. He has published widely in the area in journals such as the Review of Economic Studies, the Economic Journal, the Journal of Business and Economic Statistics, the Review of Economics and Statistics and the Journal of the Royal Statistical Society.