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Accounting for productive investment and value creation

Author

Listed:
  • Mariana Mazzucato

    (SPRU, University of Sussex, UK)

  • Alan Shipman

    (The Open University, UK)

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.

Suggested Citation

  • Mariana Mazzucato & Alan Shipman, 2013. "Accounting for productive investment and value creation," SPRU Working Paper Series 2013-09, SPRU - Science Policy Research Unit, University of Sussex Business School.
    • Handle: RePEc:sru:ssewps:2013-09
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    File URL: http://www.sussex.ac.uk/spru/documents/2013-09-swps-mazzucato.pdf
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    Citations

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    Cited by:

    1. Marwil J. Dávila-Fernández & Lionello F. Punzo, 2018. "Some New Insights on Financialisation and Income Inequality," Department of Economics University of Siena 792, Department of Economics, University of Siena.
    2. Athena Roumboutsos & Aristeidis Pantelias, 2015. "Allocating Revenue Risk in Transport Infrastructure Public Private Partnership Projects: How it Matters," Transport Reviews, Taylor & Francis Journals, vol. 35(2), pages 183-203, March.
    3. Tilsted, Joachim Peter & Bjørn, Anders & Majeau-Bettez, Guillaume & Lund, Jens Friis, 2021. "Accounting matters: Revisiting claims of decoupling and genuine green growth in Nordic countries," Ecological Economics, Elsevier, vol. 187(C).
    4. Gürel, Burak & Kozluca, Mina, 2022. "Chinese investment in Turkey: the Belt and Road Initiative, rising expectations and ground realities," LSE Research Online Documents on Economics 113841, London School of Economics and Political Science, LSE Library.
    5. Gilchrist, Kate & Maier, George, 2022. "Women who host: an intersectional critique of rentier capitalism on AirBnB," LSE Research Online Documents on Economics 113677, London School of Economics and Political Science, LSE Library.
    6. George Maier & Kate R. Gilchrist, 2022. "Women who host: An intersectional critique of rentier capitalism on AirBnB," Gender, Work and Organization, Wiley Blackwell, vol. 29(3), pages 817-829, May.
    7. Silvia Solimene & Daniela Coluccia & Alessandro Bernardo, 2023. "Environmental Impact of Different Business Models: An LCA Study of Fresh Tomato Production in Italy," Sustainability, MDPI, vol. 15(13), pages 1-17, June.
    8. constantine, collin, 2014. "Rentier Developmentalism, Servicization and DInRT Economies," MPRA Paper 60331, University Library of Munich, Germany.
    9. Marwil J. Dávila-Fernández & Lionello F. Punzo, 2018. "A Multi-Sectoral Approach to Financialisation," Department of Economics University of Siena 794, Department of Economics, University of Siena.

    More about this item

    Keywords

    value; financial crisis; growth; productive investment; rent-seeking;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy

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