VERTICALLY INTEGRATED MEASURES OF THE RATE OF PROFIT IN THE UNITED STATES 1950–90

Jack L. Miller and John Gowdy

Review of Income and Wealth, 1998, vol. 44, issue 4, 555-563

Abstract: This paper investigates the importance of increases in the productivity of producing capital in estimates of the profit rate decline which occurred in the United States during the period 1950–90. We find that, when profit rate measures take into account the increasing productivity of producing capital stock (as measured by the embodied labor required to produce it), the observed decline is about one‐half that found using conventional measures of profit. This finding has important implications for interest rate and investment policies.

Date: 1998
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https://doi.org/10.1111/j.1475-4991.1998.tb00298.x

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Persistent link: https://EconPapers.repec.org/RePEc:bla:revinw:v:44:y:1998:i:4:p:555-563

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