Accounting for productive investment and value creation
重新审视价值概念，将价值创造与收入流分离，分析国民账户增加值可能高估或低估价值创造的情况，并探讨金融部门增长、离岸外包及研发支出资本化等改革对测量收入和增长的影响。
The increased size and influence of financial institutions and markets has widened the scope for divergence between value-creation and the value-added measured by national accounts. This paper uses a re-assessment of the concept of value, showing how its creation can be separated from income flows, to examine its potential under- or over-representation in conventional GDP. A revived (and revised) value theory offers new insight into the impact on measured income and growth of structural change (including financial sector growth and offshore outsourcing), and of recent national-accounting reforms including the capitalization of R&D spending.