Distributive shares in the US economy, 1964--2001
Specifying the labour theory of value in a way that distinguishes both productive from unproductive labour, and production workers from supervisory workers, this paper considers distributive shares in the US economy between 1964 and 2001. Trends in productive and unproductive labour are explored in full-time equivalents, hours and money. After 1979, there was a large shift of money value (not matched by a shift in either hours or employment) from the wages paid to productive labour to those paid to supervisory labour. Since the wage share in money value added of non-supervisory labour in unproductive sectors was approximately constant, the 1980s and 1990s also saw the profits share squeezed by the rising wage share of supervisory workers. Some implications of this are explored in the construction of a class rather than a factor approach to distributive shares. Copyright 2006, Oxford University Press.
Volume (Year): 30 (2006)
Issue (Month): 3 (May)
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