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The measurement of labour content: An axiomatic approach

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  • Yoshihara, Naoki
  • Veneziani, Roberto

Abstract

This paper analyses the theoretical issues related to the measurement of the amount of labour used in the production of – or contained in – a bundle of goods for general technologies with heterogeneous labour. A novel axiomatic framework is used in order to formulate the key properties of the notion of labour content and analyse its theoretical foundations. The main measures of labour content used in various strands of the literature are then characterised. Quite surprisingly, a unique axiomatic structure can be identified which underlies measures of labour aggregates used in such diverse fields as neoclassical growth theory, input-output approaches, productivity analysis, and classical political economy.

Suggested Citation

  • Yoshihara, Naoki & Veneziani, Roberto, 2023. "The measurement of labour content: An axiomatic approach," Journal of Economic Behavior & Organization, Elsevier, vol. 212(C), pages 392-402.
    • Handle: RePEc:eee:jeborg:v:212:y:2023:i:c:p:392-402
    DOI: 10.1016/j.jebo.2023.05.016
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    More about this item

    Keywords

    Labour content; Labour productivity; Technical change; Axiomatic analysis;
    All these keywords.

    JEL classification:

    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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