Accounting for productive investment and value creation

Mariana Mazzucato and Alan Shipman ()
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Alan Shipman: The Open University, UK

No 2013-09, SPRU Working Paper Series from SPRU - Science Policy Research Unit, University of Sussex Business School

Abstract: Noting that the contribution of R&D is being integrated into national accounts just as these come under criticism for potentially overstating output, this paper uses a re-assessment of the concept of value to examine scope for under- and over-statement in conventional GDP. It assesses ways in which R&D may generate value without registering an income flow, and ways that other activities (notably financial innovation, speculation and outsourcing) might generate income without adding value; and examines equity markets’ role in valuation.

Keywords: value; financial crisis; growth; productive investment; rent-seeking (search for similar items in EconPapers)
JEL-codes: G01 G32 H60 L53 (search for similar items in EconPapers)
Date: 2013-10
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Journal Article: Accounting for productive investment and value creation (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:sru:ssewps:2013-09

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