2023-09-28 14:46:10 +00:00
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abstract: 'Detailed analysis of BEA methodology and data strongly suggests that
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U.S. GDP is overvalued on the output side. The ability to generate
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income without producing real value-added output is a key characteristic
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of a rentier economy. Broader indicators include a massive increase in
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financial activity and finance, insurance, and real estate (FIRE),
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declining manufacturing share, declining real investment in plant and
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equipment, increased outsourcing of production and rising trade
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deficits, declining employment and real wage growth, rising profits,
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growing inequality, and increasing aggregate demand dependency on
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private (household and business) and public sector debt. Based on these
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indicators, relative to other advanced countries like Germany, the U.S.
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has since the mid-1970''s increasingly become a rentier economy. Grafting
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a schematic rentier economy onto a simple free trade unequal exchange
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model from Baiman (2006) highlights the labor exchange, inequality, and
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efficiency characteristics of rentier United States, unequal exchange
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(German), and developing country (China), economies. Reviving the U.S.
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economy and restoring full employment will require a public policy
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induced reallocation of resources away from rentier activity back to
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productive high-value added unequal exchange production.'
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affiliation: 'Baiman, R (Corresponding Author), Benedictine Univ, Lisle, IL 60532
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USA.
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Benedictine Univ, Lisle, IL 60532 USA.'
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author: Baiman, Ron
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author-email: rbaiman@ben.edu
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author_list:
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- family: Baiman
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given: Ron
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da: '2023-09-28'
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doi: 10.1177/0486613413511404
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eissn: 1552-8502
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files: []
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issn: 0486-6134
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journal: REVIEW OF RADICAL POLITICAL ECONOMICS
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keywords: 'full employment; unequal exchange; rentier economy; national income and
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product accounts; federal deficit; trade deficit; E01; E11; E12; F16;
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F41; J21'
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language: English
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month: DEC
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number: '4'
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number-of-cited-references: '39'
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pages: 536-557
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papis_id: d8a59f19ad3ee08abb31ca649472f647
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ref: Baiman2014unequalexchange
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times-cited: '9'
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title: Unequal Exchange and the Rentier Economy
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2023-10-01 08:15:07 +00:00
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type: article
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2023-09-28 14:46:10 +00:00
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unique-id: WOS:000344690300012
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usage-count-last-180-days: '3'
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usage-count-since-2013: '18'
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volume: '46'
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web-of-science-categories: Economics
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year: '2014'
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