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On measuring the wealth of nations: the US economy, 1964–2001


  • Simon Mohun


This paper examines the methodology of Shaikh and Tonak (Measuring the Wealth of Nations, 1994) underlying their calculation of estimates of productive labour in the US economy from 1964 to 2001. The focus is not on the results but on the methods that generate them. The paper finds that the compromises made by Shaikh and Tonak because of data unavailability are unreliable, and that better approximations are possible. On this latter basis, the Shaikh and Tonak methodology can be used to provide the labour and wage estimates needed for empirical investigations in the surplus-based tradition. Copyright 2005, Oxford University Press.

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  • Simon Mohun, 2005. "On measuring the wealth of nations: the US economy, 1964–2001," Cambridge Journal of Economics, Oxford University Press, vol. 29(5), pages 799-815, September.
  • Handle: RePEc:oup:cambje:v:29:y:2005:i:5:p:799-815

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    References listed on IDEAS

    1. Shaikh, Anwar, 1978. "Political Economy and Capitalism: Notes on Dobb's Theory of Crisis," Cambridge Journal of Economics, Oxford University Press, vol. 2(2), pages 233-251, June.
    2. Schefold, Bertram, 1976. "Different Forms of Technical Progress," Economic Journal, Royal Economic Society, vol. 86(344), pages 806-819, December.
    3. Morishima, Michio, 1974. "Marx in the Light of Modern Economic Theory," Econometrica, Econometric Society, vol. 42(4), pages 611-632, July.
    4. Samuelson, Paul A, 1974. "Insight and Detour in the Theory of Exploitation: A Reply to Baumol," Journal of Economic Literature, American Economic Association, vol. 12(1), pages 62-70, March.
    5. Okishio, Nobuo, 1977. "Notes on Technical Progress and Capitalist Society," Cambridge Journal of Economics, Oxford University Press, vol. 1(1), pages 93-100, March.
    6. Morishima, Michio, 1969. "Theory of Economic Growth," OUP Catalogue, Oxford University Press, number 9780198281641, June.
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    Cited by:

    1. Tavani, Daniele & Vasudevan, Ramaa, 2014. "Capitalists, workers, and managers: Wage inequality and effective demand," Structural Change and Economic Dynamics, Elsevier, vol. 30(C), pages 120-131.
    2. Jonathan F. Cogliano, 2017. "Surplus Value Production and Realization in Marxian Theory - Applications to the U.S., 1987-2015," Working Paper Series 2017-01, Dickinson College, Department of Economics.
    3. Basu, Deepankar, 2015. "A Selective Review of Recent Quantitative Empirical Research in Marxist Political Economy," UMASS Amherst Economics Working Papers 2015-05, University of Massachusetts Amherst, Department of Economics.

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