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Aggregate capital productivity in the US economy, 1964--2001

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  • Simon Mohun

Abstract

In the decomposition of the US macroeconomic pre-tax rate of profit as the product of profit share and capital productivity, this paper considers the role of capital productivity over the period 1964--2001. The primary finding is that prior to 1982 capital productivity fell because capital deepening proceeded faster than labour productivity growth, whereas from 1982 to 1997 the opposite occured. If, prior to 1982, the US economy was characterised by Marx-biased technical progress, what requires explanation is why labour productivity continued to grow after 1982 in the absence of sufficient capital deepening. The paper explores various hypotheses, contrasts neoclassical and classical notions of technical change, and investigates the robustness of its results to the productive--unproductive distinction and to accounting for changes in capacity utilisation. Copyright The Author 2008. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

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  • Simon Mohun, 2009. "Aggregate capital productivity in the US economy, 1964--2001," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(5), pages 1023-1046, September.
    • Handle: RePEc:oup:cambje:v:33:y:2009:i:5:p:1023-1046
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    File URL: http://hdl.handle.net/10.1093/cje/ben045
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    Cited by:

    1. Ivan D. Trofimov, 2017. "Capital Productivity In Industrialised Economies: Evidence From Error-Correction Model And Lagrange Multiplier Tests," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 62(215), pages 53-80, October –.
    2. Istrate Luminita Gabriela, 2012. "The Adjustement Of The Banking Mechanism For Financing Economy Under Crisis Conditions," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 608-613, December.
    3. Mariolis Theodore & Konstantakis Konstantinos N. & Michaelides Panayotis G. & Tsionas Efthymios G., 2019. "A non-linear Keynesian Goodwin-type endogenous model of the cycle: Bayesian evidence for the USA," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 23(1), pages 1-16, February.
    4. Kalim SIDDIQUI, 2020. "A Perspective on Productivity Growth and Challenges for the UK Economy," Journal of Economic Policy Researches, Istanbul University, Faculty of Economics, vol. 7(1), pages 21-42, January.
    5. Sangjun Jeong, 2017. "Biased Technical Change and Economic Growth: The Case of Korea, 1970–2013," Research in Political Economy, in: Return of Marxian Macro-Dynamics in East Asia, volume 32, pages 81-103, Emerald Group Publishing Limited.
    6. Bill Gibson, 2010. "The Structuralist Growth Model," Chapters, in: Mark Setterfield (ed.), Handbook of Alternative Theories of Economic Growth, chapter 1, Edward Elgar Publishing.
    7. Trofimov, Ivan D., 2017. "Capital productivity in industrialized economies: evidence from error-correction model and Lagrange Multiplier tests," MPRA Paper 81655, University Library of Munich, Germany.
    8. Ivan D. Trofimov, 2017. "Profit rates in the developed capitalist economies: a time series investigation," PSL Quarterly Review, Economia civile, vol. 70(281), pages 85-128.
    9. Özgün Sarımehmet Duman, 2014. "A theoretical framework for the analysis of the current global economic crisis: The financial market and the real economy," The Economic and Labour Relations Review, , vol. 25(2), pages 240-252, June.
    10. Mateo Tomé, Juan Pablo, 2015. "The contradictory path of the capital accumulation process in Spain under the Euro," Economics Discussion Papers 2015-3, School of Economics, Kingston University London.
    11. Trofimov, Ivan D., 2017. "Profit rates in the developed capitalist economies: a time series investigation," MPRA Paper 79529, University Library of Munich, Germany.

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