WP 2011-5 The Political Economy of U.S. Output and Employment 2001–2010
Service industries such as Finance, Insurance, and Real Estate, Education and HealthServices, and Professional and Business Services, for which value added is imputed from incomes, are included in Gross Domestic Product, potentially distorting measures of recession and recovery. An alternative index, Narrow Measured Value Added, which excludes all services, has similar historic correlations with employment to GDP, and tracks employment in recent business cycles better. The U.S. economy as measured by NMVA has a lower longterm real rate of growth. Long-term macroeconomic policy requires attention to some version of the productive unproductive labor distinction of the classical political economists.
|Date of creation:||Feb 2011|
|Date of revision:|
|Contact details of provider:|| Postal: 6 East 16th Street, New York, NY 10003|
Web page: http://www.economicpolicyresearch.org
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:epa:cepawp:2011-5. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bridget Fisher)
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.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.