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Distribution in the Long and Short Run

In: The Distribution of National Income

Author

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  • Robert M. Solow

    (Massachusetts Institute of Technology)

Abstract

The object of long-run theories of distribution, which is almost the only kind we have, is to explain the slow trend behaviour of the shares of wages and property income (‘profits’ for short) in the national product. It used to be thought that the long-run trend was adequately described by Bowley’s Law of constant relative shares. More recent statistical work has suggested that, in the United States at least, the share of wages has been increasing slowly at the expense of profits.1 Whatever one believes about these complicated facts, they are what the theory is supposed to explain.

Suggested Citation

  • Robert M. Solow, 1968. "Distribution in the Long and Short Run," International Economic Association Series, in: Jean Marchal & Bernard Ducros (ed.), The Distribution of National Income, chapter 0, pages 449-475, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-15245-2_17
    DOI: 10.1007/978-1-349-15245-2_17
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    Cited by:

    1. Charles W. Calomiris & Christopher Hanes, 1994. "Historical Macroeconomics and American Macroeconomic History," NBER Working Papers 4935, National Bureau of Economic Research, Inc.
    2. Ben S. Bernanke & James Powell, 1986. "The Cyclical Behavior of Industrial Labor Markets: A Comparison of the Prewar and Postwar Eras," NBER Chapters, in: The American Business Cycle: Continuity and Change, pages 583-638, National Bureau of Economic Research, Inc.

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