Productive Stagnation and Unproductive Accumulation: An Econometric Analysis of the United States
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Rotta, Tomas. 2015. Productive Stagnation and Unproductive Accumulation: An Econometric Analysis of the United States. Working Paper. Greenwich Papers in Political Economy, London. [Report]
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TomasRotta (2015) - Productive Stagnation and Unproductive Accumulation An Econometric Analysis - [21september2015] - GPERCwp1.pdf - Published Version Available under License Creative Commons Attribution Non-commercial No Derivatives. Download (1MB) | Preview |
Abstract or Description
In this paper I evaluate the dynamic interactions between productive and unproductive forms of capital accumulation in the United States economy from 1947 to 2011. I employ time series econometrics to formally assess two questions that other scholars have hitherto considered mostly through verbal or descriptive approaches. First, I check whether unproductive accumulation hinders or fosters productive accumulation. Second, I check whether or not productive stagnation leads to faster unproductive accumulation. I introduce different measures of productive and unproductive forms of capital accumulation using a new methodology to estimate Marxist categories from conventional input-output matrices, national income and product accounts, and fixed assets accounts. A core feature of my methodology is the notion that the production of knowledge and information is also a form of unproductive activity. Results indicate two-way positive effects between productive and unproductive activities in the short run but no self-correcting mechanism that would bring productive and unproductive forms of accumulation back to a stable equilibrium path over the long run.
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Item Type: |
Report (Working Paper) |
| Additional Information: |
JEL Codes: B51, C32, O47 |
| Keywords: |
Unproductive Activity, Capital Accumulation, Stagnation, Time Series Econometrics, United States |
| Departments, Centres and Research Units: |
Institute of Management Studies |
| Date: |
21 September 2015 |
| Item ID: |
26884 |
| Date Deposited: |
11 Sep 2019 14:00 |
| Last Modified: |
19 Feb 2024 16:32 |
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URI: |
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