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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.

Suggested Citation

  • Simon Mohun, 2009. "Aggregate capital productivity in the US economy, 1964--2001," Cambridge Journal of Economics, Oxford University Press, 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. repec:beo:journl:v:62:y:2017:i:215:p:53-80 is not listed on IDEAS
    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. 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.
    4. Trofimov, Ivan D., 2017. "Profit rates in the developed capitalist economies: a time series investigation," MPRA Paper 79529, University Library of Munich, Germany.
    5. repec:eme:rpeczz:s0161-723020170000032006 is not listed on IDEAS
    6. Bill Gibson, 2010. "The Structuralist Growth Model," Chapters,in: Handbook of Alternative Theories of Economic Growth, chapter 1 Edward Elgar Publishing.
    7. 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 Publishing Ltd.
    8. 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.
    9. repec:psl:pslqrr:2017:21 is not listed on IDEAS

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