Journal Article

Accounting for productive investment and value creation

Mariana Mazzucato and Alan Shipman

in Industrial and Corporate Change

Volume 23, issue 4, pages 1059-1085
Published in print August 2014 | ISSN: 0960-6491
Published online January 2014 | e-ISSN: 1464-3650 | DOI: https://dx.doi.org/10.1093/icc/dtt037
Accounting for productive investment and value creation

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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.

Keywords: G01 (financial crises); G32; H60; L53

Journal Article.  10393 words.  Illustrated.

Subjects: Industry Studies ; Business History ; Innovation ; Industrial History ; Technological Change; Research and Development

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