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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 ShipmanThe 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 ChangeISSN
1464-3650Publisher
Oxford University PressExternal DOI
Issue
1Volume
23Department affiliated with
- SPRU - Science Policy Research Unit Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2014-02-07Usage metrics
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