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• W2559345428 abstract "Measuring capital is a long standing theoretical challenge both for mainstream macroeconomics and accounting. The absence of a satisfactory solution dramatically obscures the understanding of the origins of growth and profit in contemporary economies. This article investigates the foundations of Total Factor Productivity and Goodwill measures from the point of view of theory, epistemology and methodology. Both measures suffer from the reference to a pure walrassian economy, the adoption of market efficiency hypothesis, the complete separability of factors and assets, the absence of any direct measure, a quasi- tautological methodology and finally they imply the inversion of the causality between capital, profit and growth. These common features hinder the intelligibility of the transformations that took place since the end of the Golden Age of Fordism. The concentration of capital gives an increasing market power to some dominant entities, competition implies more and more quality, product differentiation, servicing and quality. The surge of intangible investment (innovation, education, learning to learn..) drives a shift of productive paradigms towards a Knowledge Based Economy. Liberalization has entitled financial firms to capture a larger part of the profit without significant productive investment. Globalization allows a new transnational value chain that allows them to convert more easily IC into profit, given the declining bargaining power of workers at the world level. Actually, accounting at the micro level, economics at the macro misrepresent the source of firms and nations performances and the gap is increasing as capitalisms are entering a new epoch. In a sense, the age of innovation, financialization and globalization means a revenge of the Cambridge capital controversy: neoclassical economists won but they were wrong and now they are lost in the dark" @default.
• W2559345428 created "2016-12-08" @default.
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• W2559345428 date "2013-01-01" @default.
• W2559345428 modified "2023-09-24" @default.
• W2559345428 title "IC, THE ACHILLES HEEL OF ACCOUNTING AND MACROECONOMICS." @default.
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