Growth Accounting of the Value Composition of Capital and the Rate of Profit in the U.S. Economy: A Note Stimulated by Zarembka’s Findings

The purpose of this article is twofold. On the one hand, to present a growth account of the evolution of the value composition of capital and in so doing to deal with some of the issues raised by Zarembka’s (2015) contribution. And on the other hand, to review some crucial relations between the variables that relate to the movement of the rate of profit and the current predicament.