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(4) pp. 1059–1085.

DOI: https://doi.org/10.1093/icc/dtt037

Abstract

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.

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