Decomposing Surplus-Value: An Analysis of Distribution and Unproductive Labour of the UK Economy, 1992-2020

Papagiannaki, Eleni and Philp, Bruce and Wheatley, Daniel (2023) Decomposing Surplus-Value: An Analysis of Distribution and Unproductive Labour of the UK Economy, 1992-2020. Working Paper 21. Centre for Applied Finance and Economics (CAFE), Birmingham City Business School, Birmingham City University. (Submitted)

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Abstract

This article examines the trajectory of the surplus value (SV) rate in the UK economy, in the period 1992–2020, using ONS macroeconomic data (Blue Book) and micro-datasets (Understanding Society). We initially define productive and unproductive labour, proposing a “Marxist Productive Labour Classification System”, framed in critical context. Standard occupational (SOC) and standard industrial (SIC) codes are uniquely combined, using UK data, to derive empirical estimates of Marxian categories, specifically an aggregate model based on the New Interpretation framework. Then, movements in this rate are examined in terms of absolute and relative SV changes. We find that, prior to the 2008 Crisis, SV extraction is more reliant on production-related drivers, while after this dislocation SV is more reliant on the sphere of distribution, with the pandemic impacting all drivers negatively.

Item Type:	Monograph (Working Paper)
Identification Number:	21
Dates:	Date Event 1 March 2023 Published
Subjects:	CAH15 - social sciences > CAH15-02 - economics > CAH15-02-01 - economics
Divisions:	Faculty of Business, Law and Social Sciences > College of Accountancy, Finance and Economics > Centre for Accountancy Finance and Economics Faculty of Business, Law and Social Sciences > College of Business, Digital Transformation & Entrepreneurship
Depositing User:	Gemma Tonks
Date Deposited:	14 Mar 2023 11:11
Last Modified:	20 Jun 2024 12:05
URI:	https://www.open-access.bcu.ac.uk/id/eprint/14252