Technology and the Labour Share in Industrialised Economies: A Revisited Analysis

2021 ◽  
Author(s):  
Aida Garcia-Lazaro ◽  
Nick Pearce
Keyword(s):  
Labour Share

Trends of Private Consumption in the Restructuring of China’s Economy

2015 ◽  
Vol 07 (04) ◽  
pp. 52-64
Author(s):  
Chien-Hsun CHEN
Keyword(s):  
Economic Growth ◽  
Gross Domestic Product ◽  
Private Consumption ◽  
Decisive Role ◽  
Domestic Product ◽  
Domestic Consumption ◽  
Labour Income ◽  
Rapid Economic Growth ◽  
Labour Share ◽  
China’S Economy

The benefits deriving from rapid economic growth have chiefly accrued to capital returns. Consequently, the decline in the share of Chinese gross domestic product (GDP) accounted for by labour income has been most pronounced. To sustain growth, China will have to ensure robust consumption. Increasing the labour share in GDP and hence promoting domestic consumption will play a decisive role in rebalancing China’s economy.

scholarly journals The labour share of income: heterogeneous causes for parallel movements?

2012 ◽  
Vol 11 (3) ◽  
pp. 303-319 ◽  
Author(s):  
Jan Hogrefe ◽  
Marcus Kappler
Keyword(s):  
Labour Share

Profit sharing, labour share and financial structure

2018 ◽  
Vol 15 (1) ◽  
pp. 89-111
Author(s):  
Kenshiro Ninomiya ◽  
Hiroyuki Takami
Keyword(s):  
Financial Structure ◽  
Profit Sharing ◽  
Labour Share

Inequality

2020 ◽  
pp. 565-604
Author(s):  
Christopher Tsoukis
Keyword(s):  
Income Distribution ◽  
Endogenous Growth ◽  
Growth Models ◽  
Inequality Measurement ◽  
Capital Income ◽  
Representative Agent ◽  
Macroeconomic Models ◽  
Measurement Issues ◽  
Labour Share ◽  
Endogenous Growth Models

By whatever indicator it is assessed, inequality has been rising in recent years. This book considers it a macroeconomic issue and innovates by including it among its topics. The chapter begins by reviewing evidence and facts on inequality, measurement issues, and the relation with poverty. The macroeconomic models of income distribution reviewed next include vintage models, endogenous growth models, and whether inequality can be accommodated in ‘representative-agent’ models. Attention then turns to ‘factor’ (labour-capital) income shares, which have also been changing recently, reviewing both the relevant analytics and the possible processes that underlie this change. The chapter concludes with recent debates on determinants of inequality, the evolution of the labour share (the ‘r-g’ question), and the future of income distribution.

scholarly journals Macroeconomic Growth in Vietnam Transitioned to Market: An Unrestricted VES Framework

Economies ◽  
2020 ◽  
Vol 8 (3) ◽  
pp. 58 ◽  
Author(s):  
Nguyen Ngoc Thach
Keyword(s):  
Economic Growth ◽  
High Speed ◽  
Transition Economy ◽  
Bayes Factor ◽  
Elasticity Of Substitution ◽  
Mcmc Methods ◽  
Constant Elasticity ◽  
Constant Elasticity Of Substitution ◽  
Labour Share ◽  
The Relationship

The Vietnamese economy has increased at high speed over the transformation decades; however, most recent studies on the economic growth of this country used the Cobb-Douglas or CES (Constant Elasticity of Substitution) production functions, which are unable to explore the relationship between the elasticity of capital-labour substitution and development process, and hence, are not relevant to accessing a dynamic economic system. For that reason, this study is conducted to specify an unrestricted VES (Variable Elasticity of Substitution) production function in a one-sector growth model of Vietnam, highlighted by two characteristics: successful transition from plan to market and rapid progress. The VES is given preference over the CES and the Cobb-Douglas having the elasticity of substitution between capital and labour varying with economic development. By employing a Bayesian nonlinear regression through MCMC methods, the study reported the following findings: (1) the above-unity variable elasticity of capital-labour substitution in an aggregate unrestricted VES function specified for Vietnam shows that the model generates the possibility of endogenous economic growth; (2) the capital share tends to increase, while the labour share faces a downward trend along with the development of Vietnam; (3) the VES is empirically proven through a Bayes factor test to be superior to the CES and Cobb-Douglas for analysis of the growth process of Vietnam, an emerging transition economy.

Editorial note: Symposium: Labour share dynamics in a comparative perspective

2017 ◽  
Vol 41 (4) ◽  
pp. 471
Author(s):  
Cristiano Perugini ◽  
Francesco Venturini
Keyword(s):  
Comparative Perspective ◽  
Editorial Note ◽  
Labour Share
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