Growth, Accumulation, and Unproductive Activity
An Analysis of the Postwar US Economy

This book documents the growth of unproductive activity in the United States economy since World War II.

Edward N. Wolff (Author)

9780521251518, Cambridge University Press

Hardback, published 31 October 1986

216 pages, 6 b/w illus. 35 tables
23.5 x 15.2 x 1.9 cm, 0.463 kg

"Edward Wolff has provided us with an analytical framework which richly describes general social productive and unproductive activity and their consequences for the postwar U.S. economy...Overall, this volume should prove to be a valuable resource to economists pursuing empirical analysis of value categories." Alexander M. Thompson III, Science and Society

This book documents the growth of unproductive activity in the United States economy since World War II and its relation to the economic surplus, capital accumulation, and economic growth. Unproductive activities broadly consist of those involved in the circulation process, including wholesaling and retailing, banking and financial services, advertising, legal services, business services and many (though not all) government activities. The results indicate that the level of unproductive activity in the postwar economy has been a significant factor in the slowdown in the rate of capital accumulation, productivity growth and the overall growth rate. Here, the villain is shown to be the gradual but persistent shift of resources to unproductive activities. The consequence has been a reduction in new capital formation and productivity growth and an erosion in the rate of growth in per capita living standards. Moreover, the rise in unproductive activity is itself seen to be rooted in the logic of advanced capitalism. The forces of competition, which in the early stages of capitalism lead to rapid technical change and productivity growth, promote non-productive and even counterproductive activities in its more advanced stages.

Preface
1. Introduction
2. Unproductive activity in a capitalist society
3. A Marxian accounting framework
4. A growth model of accumulation and unproductive labor
5. Rise of unproductive activity in postwar economy
6. Absorption of labor and capital and rate of surplus value
7. Absorption of new resources and growth in real income
8. Conclusions and speculations
Appendix: data sources and methods
References
Index.

Subject Areas: Economic theory & philosophy [KCA]