3EMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIQUE ETC. 
5) Global production P* corresponds exactly to gross na- 
tional product P’ as conventionally defined if the two follow- 
ne adjustments are made: 
a) In the first place, the quantitv 
should be added to P’, where C¢ is the overall value of existing 
stocks of durable consumption goods, i the rate of interest, 
and gc the rate of growth Co. Valuation is in terms of the unit 
of primary income, i.e. the basic hourly wage-rate 2. 
b) The Gross National Product, P’, as usually defined 
covers private consumption, private investment and govern- 
ment purchases of goods and services. But a part only of 
zovernment expenditure should be considered as corresponding 
to final collective services rendered directly to the public; the 
outlays which correspond to services rendered to the business 
sector should be deducted. As a first approximation, this quan- 
ity can be taken as taxes paid by business 
Thus the relationship between P anc 
333-6) 
when Jg represents the taxes 1..d * business. 
() 8 116. 
2) § 110. 
*) On this point, see ALLaIs, Les Fondements comptables de la macro- 
économique (The Accounting Bases of Macroeconomics), op. cit., pp. 48-46 
and 54-55, and KUzNETs, Government Product and National Income, In 
rome and Wealth, Serie I, Bowes, Cambridge, pp. 178-104. 
4llais - pag. 137