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Distributive shares in the US economy, 1964--2001

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  • Simon Mohun

Abstract

Specifying the labour theory of value in a way that distinguishes both productive from unproductive labour, and production workers from supervisory workers, this paper considers distributive shares in the US economy between 1964 and 2001. Trends in productive and unproductive labour are explored in full-time equivalents, hours and money. After 1979, there was a large shift of money value (not matched by a shift in either hours or employment) from the wages paid to productive labour to those paid to supervisory labour. Since the wage share in money value added of non-supervisory labour in unproductive sectors was approximately constant, the 1980s and 1990s also saw the profits share squeezed by the rising wage share of supervisory workers. Some implications of this are explored in the construction of a class rather than a factor approach to distributive shares. Copyright 2006, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/cje/bei065
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Bibliographic Info

Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 30 (2006)
Issue (Month): 3 (May)
Pages: 347-370

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Handle: RePEc:oup:cambje:v:30:y:2006:i:3:p:347-370

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As found on the RePEc Biblio, the curated bibliography for Economics:
  1. > Political Economy > The Political Economy of the US
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Cited by:
  1. Mark Setterfield & Yun Kim, 2013. "Debt Servicing, Aggregate Consumption, and Growth," Working Papers 1316, Trinity College, Department of Economics.
  2. Thomas I. Palley, 2012. "A neo-Kaleckian - Goodwin model of capitalist economic growth: Monopoly power,managerial pay, labor market conflict, and endogenous technical progress," IMK Working Paper 105-2012, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  3. Yun Kim & Mark Setterfield & Yuan Mei, 2012. "Aggregate Consumption and Debt Accumulation: An Empirical Examination of US Household Behavior," Working Papers 1204, Trinity College, Department of Economics.
  4. Mark Setterfield, 2012. "Real Sector Imbalances and the Great Recession," Working Papers 1201, Trinity College, Department of Economics.
  5. Jeong, Sangjun, 2012. "Right conclusion with weak evidence: A review of ," MPRA Paper 42619, University Library of Munich, Germany.
  6. Mohun, Simon & Veneziani, Roberto, 2006. "Goodwin cycles and the U.S. economy, 1948-2004," MPRA Paper 30444, University Library of Munich, Germany.
  7. Hein, Eckhard, 2011. "Distribution, ‘Financialisation’ and the Financial and Economic Crisis – Implications for Post-crisis Economic Policies," MPRA Paper 31180, University Library of Munich, Germany.
  8. Eckhard Hein, 2013. "Finance-dominated Capitalism and Redistribution of Income: A Kaleckian Perspective," Economics Working Paper Archive wp_746, Levy Economics Institute.
  9. Yun K. Kim & Mark Setterfield & Yuan Mei, 2014. "A theory of aggregate consumption," European Journal of Economics and Economic Policies: Intervention, Edward Elgar, vol. 11(1), pages 31-49, April.

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