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

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AuthorEdward N Wolff
PublisherCambridge University Press
PublishedJun 05 2012
Book FormatPaperback
ISBN-139780521034753
Dimensions9 X 6 X 0.49 inches
Weight 0.71 pounds
BISAC
CategoriesBusiness & Economics > Economic History
LanguageEnglish

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Book Description

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.

Author Bio

Edward N. Wolff is a professor of economics at New York University and a research associate at the National Bureau of Economic Research. He works within the Levy Institute’s distribution of income and wealth program, and was involved in the development of the Levy Institute Measure of Economic Well-Being.

His principal research areas are the distribution of income and wealth, and productivity growth. Wolff is the author of numerous books, including:

Inheriting Wealth in America: Future Boom or Bust? (Oxford University Press, 2015);
Productivity Convergence: Theory and Evidence, Cambridge Surveys of Economic Literature Series (Cambridge University Press, 2014);
Productivity Growth: Industries, Spillovers and Economic Performance (with T. ten Raa; Edward Elgar Publishers, 2012);
The Transformation of the American Pension System: Was It Beneficial for Workers? (W. E. Upjohn Institute for Employment Research, 2011);
Does Education Really Help? Skill, Work, and Inequality (Oxford University Press, 2006);
Retirement Income: The Crucial Role of Social Security (with C. Weller; Economic Policy Institute, 2005);
Downsizing in America: Reality, Causes, and Consequences (with W. J. Baumol and A. S. Blinder; Russell Sage Foundation, 2003);
Retirement Insecurity: The Income Shortfalls Awaiting the Soon-to-Retire (Economic Policy Institute, 2002);
Top Heavy: A Study of the Increasing Inequality of Wealth in America (Twentieth Century Fund Press, 1995);
Competitiveness, Convergence, and International Specialization (with D. Dollar; The MIT Press, 1993);
Productivity and American Leadership: The Long View (with W. J. Baumol and S. B. Blackman; The MIT Press, 1989); and
Growth, Accumulation, and Unproductive Activity: An Analysis of the Postwar US Economy (Cambridge University Press, 1987).

He is a past managing editor of the Review of Income and Wealth.

Research Interests

Distribution of Income and Wealth

Education