Accounting for productive investment and value creation

Mazzucato, Mariana and Shipman, Alan (2014) Accounting for productive investment and value creation. Industrial and Corporate Change, 23 (1). ISSN 1464-3650

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The increased size and influence of financial institutions and markets has widened the scope for divergence between value-creation and the value-added measured by national accounts. This paper uses a re-assessment of the concept of value, showing how its creation can be separated from income flows, to examine its potential under- or over-representation in conventional GDP. A revived (and revised) value theory offers new insight into the impact on measured income and growth of structural change (including financial sector growth and offshore outsourcing), and of recent national-accounting reforms including the capitalization of R&D spending.

Item Type: Article
Schools and Departments: University of Sussex Business School > SPRU - Science Policy Research Unit
Subjects: H Social Sciences
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Date Deposited: 07 Feb 2014 16:15
Last Modified: 23 Jul 2014 11:24
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