MODERN DEFINITIONS ON NATIONAL INCOME

   Modern definitions on national income can be grouped on the following basis:-
(i).On product basis
(ii).On income basis
(iii).On expenditure basis

1. On product basis:- "A national income estimate measures the volume of commodities and services,turned out a given period counted without duplication".
                                                                -National income committee
  "National income is the loose name we give for the money measure of the over all flow of goods and services in an economy"
                      -Samuelson
  "National product is the net output of commodities and services flowing during the year from the country's productive system into the hands of the ultimate consumers or into net addition to the country's capital goods."
                                                                                                                                               -Simon kuznets
  "National product is the sum of total value of final goods and services produced by labour and wealth of a nation during a period of one year".
                                                  -Brooman
2.On income basis:-"National income is the sum of wages,rent,interest and profit or it is the sum total of the income of the factors of production ina particular period of time".
                                                                                                 -Shapiro
       "National income is the sum of all wages,salaries commissions,bouns,net income from rentals and,interest and royalties,interest income and profit".
                                                            -G.Ackley
3. On expenditure basis:-"National income is the ,sum total of personal consumption expenditure plus private domestic investment plus net foreign investment".
                                                                         -Peterson