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APPENDIX: SOURCES AND METHODS
Figure 1. The ARP has been smoothed into a ten-year rolling average.
Figure 2. The US ARP measure is based on the whole economy.
Profits = net national product (BEA, NIPA table XX) less employee compensation (BEA NIPA table 6.2)
Constant capital = historic cost net fixed private non-residential assets (BEA, NIPA table 4.1)
Variable capital = employee compensation (BEA NIPA table 6.2)
Figure 3. The rate of surplus value =Profit divided by variable capital;
organic composition of capital = constant capital divided by variable capital
Figure 4. Data sources and methods can be found in Roberts M (2012).
Figure 5. Profits are from NIPA tables 6.17A, 6.17B, 6.17C, 6.17D: corporate profits before tax by industry. In the first three tables, utilities are excluded.
Fixed assets. The definition is “equipment, software, and structures, including owner-occupied housing” (http://www.bea.gov/national/pdf/Fixed_Assets_1925_97.pdf). The data considered in this paper comprise agriculture, mining, construction, and manufacturing (but not utilities, see above). Fixed assets are obtained from BEA, Table 3.3ES: Historical-Cost Net Stock of Private Fixed Assets by Industry [Billions of dollars; yearend estimates].
Wages for goods producing industries and are obtained from NIPA Tables 2.2A and 2.2B: wages and salaries disbursements by industry [billions of dollars].
Employment in goods producing industries is obtained from: US Department of Labor, Bureau of Labor Statistics, series ID CES0600000001.
The money ARP is computed by dividing profits of a certain year by constant and variable capital of the preceding year conform the temporal approach. It is computed for the productive sectors. The best approximation to that are the goods producing industries. These are defined as agriculture, mining, utilities, construction and manufacturing. However, utilities are disregarded (see above). N.B. Constant capital includes only fixed and not circulating capital because of difficulties of estimating the latter on the basis of the available statistics. The inclusion of circulating capital would only depress the ARP further. See footnote 4 above.
Figure 6. Data from FRED, Federal Reserve Bank of St Louis
GDP = Real gross domestic product, BEA NIPA $bn chained 2005 GDPC96
Investment = Real private nonresidential fixed investment $bn chained 2006, PNFIC96
Corporate profits = Corporate profits with IV and CC adjustments sa annualised CPROFIT
Figure 7. Developed from Carchedi G (2012).
Figure 8. Data from IMF, BIS and author’s calculations
Figure 9. Data for Greece rom Eurostat Ameco database.
Net capital stock at 2005 prices: total economy (OKND);
National income at current market prices (UVNN);
Price deflator gross domestic product at market prices (PVGD);
Compensation of employees: total economy (UWCD).
Figure 10. Data from UK Office of National Statistics.
Net return on capital. Quarterly rates of return of private non-financial companies (%)
Business investment. Gross fixed capital formation of private non-financial companies, quarterly £bn
Figure 11. from Michelena G (2009) Figure 1, p90.
Figure 12. Data from Extended World Penn Tables
ARP = GDP (column X), employee compensation (N* w) and capital stock (K). ARP = (X-N*w)/(K+N-w).
Figure 13. Data from ??? P 2002 Figure 3.3
Figure 14. op cit