What changes – More capex #5: more labour-replacing investment
US CORPORATE PROFITS & NET INVESTMENT, % OF GDP
12
12
10
10
PROFITS*
8
8
6
6
4
4
2
2
NET INVESTMENT†
0
0
* AFTER-TAX PROFITS, CCA/IVA ADJUSTED. † BUSINESS INVESTMENT NET OF DEPRECIATION.
-2
-2
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025
1
Sources: BEA, NBER
51
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