Document Type


Date of Award



Banks and banking, United States, National income

Degree Name

Doctor of Philosophy (PhD)



First Advisor

Stanley H. Cohn

Second Advisor

Paul F. McGouldrick

Third Advisor

A. Thomas Eapen


The difficulties encountered in the measurement of Gross Income and Product Originating in the commercial banking industry according to the conventions of the National Income and Product Accounts are a subset of a much larger philosophical question. This query deals with the definition and identification of the output produced by all of the so-called “tertiary” industries, of which banking is just a small part.

Over the past several decades, as the world's industrialized economies have grown and become more complex, economists have noted that an increasing proportion of Gross Product Originating (GPO) has been generated by the tertiary sector, relative to agriculture and manufacturing. This trend has been evident in the United States, where employment in the service sector has, within the last decade, climbed to over fifty percent of the total American work force. The increase in the percentage GPO contributed by the services has not kept pace with the increase in service employment, due to the lower productivity (as presently measured) of service employees, but the trend toward more service output relative to the primary and secondary sectors is significant and must be examined more closely.