This article emphasizes how classical, neoclassical and real Keynesian economic theories are related to accounts of national income and its distribution. The more traditional parts of the analysis focus on rates of growth, capital accumulation and real net rates of return to capital, factoral distributions of income, and capital=theoretic problems in constructing matching national income accounts. More modern neo=Keynesian and monetary approaches are examined to account for theoretical roles played by money and banking in determining output, national income and technical progress. The effects of measures of banking output on modern national income accounts are stressed.