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.



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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