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Wage-Profit Curves in U.S. Manufacturing

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  • Michl, Thomas R

Abstract

This paper presents estimates of the wage share-profit rate curves using time series data in manufacturing and based on a fixed capital, labor, raw materials, intermediate good production model. The estimates suggest that cost pressures from wages in the 1960s and raw materials in the 1970s reduced the rate of profit, and that it remained low in the 1980s because of an increase, over the entire postwar period, in the capital-output ratio. This increase is consistent with the Marxian theory of capital-using technical change. Copyright 1991 by Oxford University Press.

Suggested Citation

  • Michl, Thomas R, 1991. "Wage-Profit Curves in U.S. Manufacturing," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 15(3), pages 271-286, September.
    • Handle: RePEc:oup:cambje:v:15:y:1991:i:3:p:271-86
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    Cited by:

    1. Alberto Benítez Sánchez. & Alejandro Benítez Sánchez., 2012. "Upper and Lower Bounds for Capital and Wages," Economía: teoría y práctica, Universidad Autónoma Metropolitana, México, vol. 37(2), pages 11-32, Julio-Dic.
    2. Thomas Michl, 1999. "Biased Technical Change and the Aggregate Production Function," International Review of Applied Economics, Taylor & Francis Journals, vol. 13(2), pages 193-206.
    3. Strohmaier, R. & Rainer, A., 2016. "Studying general purpose technologies in a multi-sector framework: The case of ICT in Denmark," Structural Change and Economic Dynamics, Elsevier, vol. 36(C), pages 34-49.
    4. 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.

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