Can Capitalists Remain Rich Without Working?
The present article builds on two hypotheses: 1)Productivity growth is uneven across sectors and 2) Capital, more precisely, durable produced factors of production, are produced in sectors with relatively high productivity growth. In an otherwise standard model of accumulation and technological progress it is shown that the share of capital in total income tends to zero in the long-run. This shift in factor-shares goes hand in hand with a sectorial shift: Employment and expenditure shares are shifted to sectors with low productivity growth. The conclusions about factor shares contradict the widely accepted stylized fact of a non-diminishing share of capital income in total income. However, a more disaggregated view on the evolution of factor shares and the evolution of sectorial shares shows that the conclusions are perfectly compatible with empirical facts.
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