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Transport costs are a small fraction of labor costs, but they are now rebounding from a vertiginous plunge over the winter.
They require the doubling of the fraction of labor resources devoted to the creation of knowledge relative to the reference level, whereas the fractions of labor allocated to consumption and leisure are similar to the reference ones.
On the other hand, higher growth rates require substantial increases in the fraction of labor devoted to education, together with moderate increases in the fractions of labor devoted to knowledge and the investment in physical capital.
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To execute all these functions, the public sector employs a large fraction of the labor force: on average, government employment represents 15% of the labor force across the OECD, with compensation of government employees reaching 11% of GDP (OECD 2011).
The fraction of the labor force devoted to agriculture declined significantly.
The Medicare tax goes up in 2013 a bit for a small fraction of the labor force.
The basic idea is that while productivity gains have made it possible to assemble cars with only a tiny fraction of the labor that was once required, it still takes four musicians nine minutes to perform Beethoven's String Quartet No. 4 in C minor, just as it did in the 19th century.
Thus, our individuals contribute a fraction of their labor income to the pension system and receive pension benefits when retired.
The coefficients on U listed in the Table treat unemployment as a fraction of the labor force.
Data from the unemployment insurance system reveal that for only a small fraction of the labor force has the minimum wage been binding during the past decades.
In some of the specifications that I estimate, I replace the overall immigrant fraction of the labor force with the fractions comprised of black and, separately, white Southerners, in which case the instruments are constructed by replacing the components of the (hat {p}_{jt}) with their race-specific counterparts.
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