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An empirical note on factor shares

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  • Hernando Zuleta

Abstract

In this study, we propose an explanation for why labor and capital shares do not seem to have a trend: an increasing trend in physical capital share is compensated by a decreasing trend in land share. Similarly, an increasing trend in human capital share is compensated by a decreasing trend in raw labor share. We also find empirical support for the claim that the elasticity of output with respect to reproducible factors, human and physical capital, is positively correlated with the income level. This result has important implications for economic growth theory and for empirical exercises related to economic growth.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/09638190802137034
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal The Journal of International Trade & Economic Development.

Volume (Year): 17 (2008)
Issue (Month): 3 ()
Pages: 379-390

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Handle: RePEc:taf:jitecd:v:17:y:2008:i:3:p:379-390

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Related research

Keywords: factor income shares; biased innovations; elasticity of output with respect to factors;

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Cited by:
  1. Pietro F. Peretto & John J. Seater, 2010. "Factor-Eliminating Technical Change," Working Papers 10-21, Duke University, Department of Economics.
  2. Sturgill, Brad, 2012. "The relationship between factor shares and economic development," Journal of Macroeconomics, Elsevier, vol. 34(4), pages 1044-1062.
  3. Zuleta, Hernando, 2012. "Variable factor shares, measurement and growth accounting," Economics Letters, Elsevier, vol. 114(1), pages 91-93.
  4. Andrew T. Young & Hernando Zuleta & Andres Garcia-Suaza, 2010. "Evidence of Induced Innovation in US Sectoral Capital’s Shares," Working Papers 10-03, Department of Economics, West Virginia University.
  5. Brad Sturgill, 2010. "Cross-country Variation in Factor Shares and its Implications for Development Accounting," DEGIT Conference Papers c015_014, DEGIT, Dynamics, Economic Growth, and International Trade.
  6. Carolina Arteaga Cabrales, . "Human Capital Externalities and Growth," Borradores de Economia 631, Banco de la Republica de Colombia.
  7. Zuleta, Hernando, 2009. "If factor shares are not constant then we have a measurment problem. can we solve it?," DOCUMENTOS DE TRABAJO 005744, UNIVERSIDAD DEL ROSARIO.
  8. Laura Liliana Moreno Herrera & Jorge Eduardo Pérez Pérez, 2009. "Biased Technological Change, Impatience and Welfare," DEGIT Conference Papers c014_046, DEGIT, Dynamics, Economic Growth, and International Trade.
  9. Hernando Zuleta, 2011. "Factor Shares, Income Distribution and Capital Flows," DEGIT Conference Papers c016_003, DEGIT, Dynamics, Economic Growth, and International Trade.
  10. Hernando Zuleta & Julián Parada & Andrés García & Jacobo Campo, 2010. "Participación factorial y contabilidad del crecimiento económico en Colombia .Una propuesta de modificación del método de contabilidad del crecimiento," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE.

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