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The Real Income Shares of Labor, Human and Physical Capital from Micro- and Macro-Data

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  • Peter E.J. Steffen

    ()
    (Universit├Ąt Hamburg (University of Hamburg))

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    Abstract

    Micro data are used to separate the wage income of employed workers into components of basic labor and human capital. Further on the wage components of the self employed are determined taking into account their higher qualification and longer working hours. The fractions of these wage components are used to obtain the total income shares of basic labor, human and physical capital from yearly GDP calculations. This procedure provides a yearly information on the development of the factor shares for individual countries, a tool for understanding development and growth. German census data of the years 1976, 1985, 1995, and 2006 are selected in order to demonstrate the method. As result the factor shares for these years are obtained. The average shares are in agreement with the well known results of Mankiw, Romer and Weil [8] if only employed workers are considered. If self-employed labor is also taken into account, the share ratios of physical and human capital and labor change to sK : sH : sL = 0:21 : 0:25 : 0:54. This result di ers considerably from the generally expected share ratios for developed countries of 1/3 : 1/3 : 1/3. Further on, the development in time is investigated. A considerable variation is observed in the last period: 1995 - 2006. It is contradictory to a constant behavior as expected from Kaldor's stylized facts. The source could be traced to considerable changes in the qualification structure of the German work force.

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    File URL: http://www.wiso.uni-hamburg.de/repec/hepdoc/macppr_9_2013.pdf
    File Function: Second version, 2013
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    Bibliographic Info

    Paper provided by Hamburg University, Department Wirtschaft und Politik in its series Macroeconomics and Finance Series with number 201309.

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    Length: 31 pages
    Date of creation: Sep 2013
    Date of revision:
    Handle: RePEc:hep:macppr:201309

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    Web page: http://www.wiso.uni-hamburg.de/dwp
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    Keywords: human capital; Mikrozensus; annual factor income shares; factor share development;

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    1. Giuseppe Folloni & Giorgio Vittadini, 2010. "Human Capital Measurement: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 24(2), pages 248-279, 04.
    2. Jacob Mincer, 1958. "Investment in Human Capital and Personal Income Distribution," Journal of Political Economy, University of Chicago Press, vol. 66, pages 281.
    3. N. Gregory Mankiw & David Romer & David N. Weil, 1990. "A Contribution to the Empirics of Economic Growth," NBER Working Papers 3541, National Bureau of Economic Research, Inc.
    4. Trinh Le & John Gibson & Les Oxley, 2003. "Cost- and Income-based Measures of Human Capital," Journal of Economic Surveys, Wiley Blackwell, vol. 17(3), pages 271-307, 07.
    5. Jeong, Byeongju, 2002. "Measurement of human capital input across countries: a method based on the laborer's income," Journal of Development Economics, Elsevier, vol. 67(2), pages 333-349, April.
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