Vertically Integrated Measures of the Rate of Profit in the United States 1950-90
This paper investigates the importance of increases in the productivity of producing capital in estimates of the profit rate decline which occurred in the United States during the period 1950-90. The authors find that, when profit rate measures take into account the increasing productivity of producing capital stock (as measured by the embodied labor required to produce it), the observed decline is about one-half that found using conventional measures of profit. This finding has important implications for interest rate and investment policies. Copyright 1998 by The International Association for Research in Income and Wealth.
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Volume (Year): 44 (1998)
Issue (Month): 4 (December)
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