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Accounting for productive investment and value creation

Author

Listed:
  • Mariana Mazzucato

    (SPRU, University of Sussex, UK)

  • Alan Shipman

    (The Open University, UK)

Abstract

Noting that the contribution of R&D is being integrated into national accounts just as these come under criticism for potentially overstating output, this paper uses a re-assessment of the concept of value to examine scope for under- and over-statement in conventional GDP. It assesses ways in which R&D may generate value without registering an income flow, and ways that other activities (notably financial innovation, speculation and outsourcing) might generate income without adding value; and examines equity markets’ role in valuation.

Suggested Citation

  • Mariana Mazzucato & Alan Shipman, 2013. "Accounting for productive investment and value creation," SPRU Working Paper Series 2013-09, SPRU - Science Policy Research Unit, University of Sussex Business School.
    • Handle: RePEc:sru:ssewps:2013-09
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    File URL: http://www.sussex.ac.uk/spru/documents/2013-09-swps-mazzucato.pdf
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    Citations

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    Cited by:

    1. Marwil J. Dávila-Fernández & Lionello F. Punzo, 2018. "Some New Insights on Financialisation and Income Inequality," Department of Economics University of Siena 792, Department of Economics, University of Siena.
    2. Athena Roumboutsos & Aristeidis Pantelias, 2015. "Allocating Revenue Risk in Transport Infrastructure Public Private Partnership Projects: How it Matters," Transport Reviews, Taylor & Francis Journals, vol. 35(2), pages 183-203, March.
    3. George Maier & Kate R. Gilchrist, 2022. "Women who host: An intersectional critique of rentier capitalism on AirBnB," Gender, Work and Organization, Wiley Blackwell, vol. 29(3), pages 817-829, May.
    4. Tilsted, Joachim Peter & Bjørn, Anders & Majeau-Bettez, Guillaume & Lund, Jens Friis, 2021. "Accounting matters: Revisiting claims of decoupling and genuine green growth in Nordic countries," Ecological Economics, Elsevier, vol. 187(C).
    5. Silvia Solimene & Daniela Coluccia & Alessandro Bernardo, 2023. "Environmental Impact of Different Business Models: An LCA Study of Fresh Tomato Production in Italy," Sustainability, MDPI, vol. 15(13), pages 1-17, June.
    6. Gürel, Burak & Kozluca, Mina, 2022. "Chinese investment in Turkey: the Belt and Road Initiative, rising expectations and ground realities," LSE Research Online Documents on Economics 113841, London School of Economics and Political Science, LSE Library.
    7. Gilchrist, Kate & Maier, George, 2022. "Women who host: an intersectional critique of rentier capitalism on AirBnB," LSE Research Online Documents on Economics 113677, London School of Economics and Political Science, LSE Library.
    8. constantine, collin, 2014. "Rentier Developmentalism, Servicization and DInRT Economies," MPRA Paper 60331, University Library of Munich, Germany.
    9. Marwil J. Dávila-Fernández & Lionello F. Punzo, 2018. "A Multi-Sectoral Approach to Financialisation," Department of Economics University of Siena 794, Department of Economics, University of Siena.

    More about this item

    Keywords

    value; financial crisis; growth; productive investment; rent-seeking;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy

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