contributions of the present generation to the future generations.
Notes
(1) More information about the project, including its newsletters, may be obtained via internet: http.//WWW.ier.hit-u.ac.jp/COE/
(2)The measurement of depreciation (both economic and physical) is an area of technical difficulty as far as long-term economic statistics are concerned. In the early days (after WWII) it was argued that national product net of depreciation would be the most relevant concept in assessing the potential of economic growth, since depreciation is an activity designed (by definition) to ensure the maintenance of the same reproductive capacity by getting rid of obsolete equipment and replacing worn-out capital goods, etc. One could argue, however, that the productive capabilities of a society are represented much better by the gross concept, since depreciation also forms an essential part of the day-to-day production.
(3) Care is needed to evaluate the product of banks and financial intermediarieS. First, it should include, in addition to the net interest payments they actually receive, an estimate of imputed service charge, which is "the excess of the property income received by [them] on loans and other investments made from the deposits they hold, over the interest they pay out on these deposits" (United Nations, 1968b, p. 97). Second, the imputed service charges thus estimated are treated as intermediate consumption by other industries. This "is tantamount to sub-dividing the charges of banks and similar institutions for loans to industries into two elements - a service charge and "pure "interest" (ibid.).
(4) Economists have always been keen on following closely on macro economic issues, and their discipline, economics, has had a built-in inclination to view things from a macro perspective. This was evident even in the days of classical economics; remember authors like J.B. Quesnay, Adam Smith, or even Leon Walras.
(5) The definition of labour force included persons of age 11 and above, which was changed in 1989 to persons of age 13 and over. Adjustments of the data to reflect the change will not, in all likelihood, eliminate the drastic upward shift in
