Productive Stagnation and Unproductive Accumulation: An Econometric Analysis of the United States

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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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.

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:

29 Apr 2020 17:17

URI:

http://research.gold.ac.uk/id/eprint/26884

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