Accounting for productive investment and value creation

Mariana Mazzucato and Alan Shipman

Industrial and Corporate Change, 2014, vol. 23, issue 4, 1059-1085

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.

Date: 2014
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