ABSTRACT

Five sectors have increased their contribution to US GDP growth since 1973: professional-business services (PBS), finance, information, healthcare, and arts-entertainment. Among these, however, finance, healthcare, and PBS have questionable foundations for being regarded as final consumption of households. Contra published National Income and Product Accounts, treating expenditures on finance, healthcare, and PBS as intermediate consumption reveals a significantly different picture of US economic growth, including i) a deeper slowdown of real output growth since 1973; ii) a more moderate rise in consumption share since 1980; and iii) a sharper decline in labor share, defined as the compensation of employees over GDP since 1985. Through a measurement approach, this paper thus contributes to the literature on secular stagnation and rising inequality in the United States.

摘要

自 1973 年以来，五个部门对美国 GDP 增长的贡献有所增加：专业商业服务 (PBS)、金融、信息、医疗保健和艺术娱乐。然而，其中，金融、医疗保健和 PBS 被视为家庭最终消费的基础存在问题。Contra 公布的国民收入和产品账户，将金融、医疗保健和 PBS 的支出视为中间消费，揭示了美国经济增长的显着不同图景，包括 i) 自 1973 年以来实际产出增长更深的放缓；ii) 自 1980 年以来消费份额的增长较为温和；iii) 劳动力份额急剧下降，定义为自 1985 年以来雇员薪酬超过 GDP。通过测量方法，