IDEAS home Printed from https://ideas.repec.org/a/elg/rokejn/v9y2021i4p435-460.html
   My bibliography  Save this article

Rent-seeking and asset-price inflation: a total-returns profile of economic polarization in America

Author

Listed:
  • Michael Hudson

    (Institute for the Study of Long-Term Economic Trends (ISLET), Forest Hills, NY and Research Fellow, Levy Economics Institute of Bard College, Annandale-on-Hudson, NY, USA)

Abstract

This paper reconstructs the National Income and Product Accounts to add asset-price (‘capital’) gains to national income to derive a measure of total returns. It also treats rent-extraction as a charge against national income and GDP, not as a contribution to national output. Segregating the Finance, Insurance, and Real Estate sector from the rest of the private sector shows that most growth in wealth and income derives from rentier activities – from the dynamic of finance capitalism more than that of industrial capitalism.

Suggested Citation

  • Michael Hudson, 2021. "Rent-seeking and asset-price inflation: a total-returns profile of economic polarization in America," Review of Keynesian Economics, Edward Elgar Publishing, vol. 9(4), pages 435-460, October.
  • Handle: RePEc:elg:rokejn:v:9:y:2021:i:4:p435-460
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/view/journals/roke/9-4/roke.2021.04.01.xml
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Thomas Palley, 2021. "Financialization revisited: the economics and political economy of the vampire squid economy," Review of Keynesian Economics, Edward Elgar Publishing, vol. 9(4), pages 461–492-4, October.
    2. Pianta, Mario, 2023. "Inflation and distributive conflicts," MPRA Paper 119345, University Library of Munich, Germany.
    3. Mark R. S. Howard, 2023. "Book Reviews: Rentier Capitalism: Who Owns the Economy, and Who Pays for It?," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(4), pages 728-732, December.
    4. Michael Hudson, 2021. "Finance Capitalism versus Industrial Capitalism: The Rentier Resurgence and Takeover," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(4), pages 557-573, December.

    More about this item

    Keywords

    FIRE sector; economic rent in the NIPA; financialization;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elg:rokejn:v:9:y:2021:i:4:p435-460. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Phillip Thompson (email available below). General contact details of provider: http://www.elgaronline.com/roke .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.