Refactoring

Just to add to the previous post - if MFP/ROP is 0.2% and GVA is 1.7% (both 2000-9) (from the Annex, this is), then the gross added profit is still 11% of the total GVA - that is, a massive capital investment makes a small return but still a big chunk of the overall additional wealth created. As a comparator, the 'good times' of the 90's the average was a GVA of 2.2% and an MFP of 0.9% - 41% of value added accruing to capital. Or should I say, accruing as profit to capital, since this is over an above amortisation and capital turn over.