Jump to ContentJump to Main Navigation
British Economic Growth 1856-1973The Post-War Period in Historical Perspective$
Users without a subscription are not able to see the full content.

R. C. O. Matthews, C. H. Feinstein, and J. Odling-Smee

Print publication date: 1982

Print ISBN-13: 9780198284536

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198284535.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see http://www.oxfordscholarship.com/page/privacy-policy).date: 25 June 2018

Factor Shares

Factor Shares

Chapter:
(p.160) Chapter Six Factor Shares
Source:
British Economic Growth 1856-1973
Author(s):

R. C. O. Matthews

C. H. Feinstein (Contributor Webpage)

J. C. Odling‐Smee

Publisher:
Oxford University Press
DOI:10.1093/0198284535.003.0006

Factor shares are relevant to the weighting of labour and capital inputs in total factor input and are of interest in themselves. Labour's share in GNP rose from its lowest point of 51% in 1871 to 73% in 1973. The largest changes took place across the two wars, due to the fall in property income from abroad. But this merely undid the pre‐1914 change in this item in the opposite direction. The main source of the long‐run rise in labour's share was the fall in the share of domestic profits in GDP, roughly matched by a fall in the profit rate. Both a capital‐saving bias in technical progress and a trend increase in labour's bargaining power help to explain this.

Keywords:   capital share, factor shares, labour share, profit rate

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .