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Accounting for productive investment and value creation

journal contribution
posted on 2023-06-08, 16:40 authored by Mariana Mazzucato, Alan Shipman
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.

History

Publication status

  • Published

Journal

Industrial and Corporate Change

ISSN

1464-3650

Publisher

Oxford University Press

Issue

1

Volume

23

Department affiliated with

  • SPRU - Science Policy Research Unit Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2014-02-07

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