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Labour's Shares and Profitability Crisis in the U.S.: Recent Experience and Post-war Trends

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  • Henley, Andrew

Abstract

Extends work on U.S. rate of profit by T. E. Weisskopf (1979). Firstly the author finds, by extending Weisskopf's data into the early 1980s, that continued downward pressure on profitability i s explained by capacity utilization, in contrast to Weisskopf's explanation of rising labor share. Secondly, it is found that ri sing labor share in the post-War period is largely composed of r ising levels of supplemental fringe benefits and is, in the earl y part of the period, also explained by rising nonproduction lab or costs. Production worker wage share falls secularly and this may be explained, particularly in the 1960s, by rising price mar k-ups on direct cost. Copyright 1987 by Oxford University Press.

Suggested Citation

  • Henley, Andrew, 1987. "Labour's Shares and Profitability Crisis in the U.S.: Recent Experience and Post-war Trends," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 11(4), pages 315-330, December.
    • Handle: RePEc:oup:cambje:v:11:y:1987:i:4:p:315-30
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    Cited by:

    1. Deepankar Basu, 2017. "Quantitative Empirical Research In Marxist Political Economy: A Selective Review," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1359-1386, December.
    2. Inna K. Shevchenko & Yuliya V. Razvadovskaya, 2022. "Study of the Profit Distribution Dynamics of Mining and Manufacturing Enterprises in Russia in the Imperatives of Industrial Changes," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 21(3), pages 576-603.
    3. Trofimov, Ivan D. & Md. Aris, Nazaria & Bin Rosli, Muhammad K. F., 2018. "Macroeconomic Determinants of the Labour Share of Income: Evidence from OECD Economies," MPRA Paper 85597, University Library of Munich, Germany.
    4. Macri, Joseph & Sinha, Dipendra, 1999. "An Empirical Study of Labour’s Share in Income for Australia," MPRA Paper 4018, University Library of Munich, Germany.
    5. Howard J. Sherman, 1990. "Cyclical Behavior of the Labor Share," Review of Radical Political Economics, Union for Radical Political Economics, vol. 22(2-3), pages 92-112, June.
    6. Basu, Deepankar, 2015. "A Selective Review of Recent Quantitative Empirical Research in Marxist Political Economy," UMASS Amherst Economics Working Papers 2015-05, University of Massachusetts Amherst, Department of Economics.
    7. Nicoletta Batini & Brian Jackson & Stephen Nickell, 2000. "Inflation Dynamics and the Labour Share in the UK," Discussion Papers 02, Monetary Policy Committee Unit, Bank of England.
    8. Vaona, Andrea, 2011. "Profit rate dynamics, income distribution, structural and technical change in Denmark, Finland and Italy," Structural Change and Economic Dynamics, Elsevier, vol. 22(3), pages 247-268, September.
    9. Guilherme Klein Martins & Fernando Rugitsky, 2021. "The Long Expansion and the Profit Squeeze: Output and Profit Cycles in Brazil (1996–2016)," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(3), pages 373-397, September.
    10. Guilherme Klein Martins & Fernando Rugitsky, 2018. "The commodities boom and the profit squeeze: output and profit cycles in Brazil (1996-2016)," Working Papers, Department of Economics 2018_09, University of São Paulo (FEA-USP).

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