In Figure 1, we plot the ratio of economy-wide after-tax corporate profits to GNP. These data are available in the Survey of Current Business National Income and Product Accounts (NIPA) for 1929 and after (. Commerce 1929—2000). Prior to 1929, we apply the methodology of the Bureau of Economic Analysis (BEA) to construct our own measures of after-tax corporate profits. (See . Commerce 1985 and our Data Appendix for details.) The results are in Table 1. In 1929, the BEA reports after-tax profits equal to percent of GNP. Using their methodology, we estimate that while 1929 profits were high, this year was not an outlier. After-tax.
