COMPORTAMENTO DA PRODUTIVIDADE DO CAPITAL E SUA INFLUÊNCIA NA CONTABILIDADE DO CRESCIMENTO

Abstract

This study aims at analyzing the capital productivity in Brazil, its historical behavior and influence on the future development of the country. In what concerns Brazil, the capital productivity has decreased considerably, reaching the average level observed in the OECD countries, in spite of the fact that the average output per worker in Brazil is one third of the value in those countries. After removing from the Brazilian capital/product ratio series (inverse of the capital productivity) the influence of variations on the installed capacity, it was verified that, with a smaller capital productivity level, Brazil has a limited capacity of convergence to the same income level of the developed countries as well as of remunerating the capital, which might cause the present low investment level in the country. Therefore, the study shows that increasing the capital productivity could be the path to increase the sustainable growth of the country.