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The measure is anathema to Democrats, who receive the lion's share of labor donations.
With the share of capital going up, it follows that the share of labor went down.
As a consequence, the sectors remaining in the advanced economies are relatively less labor-intensive, and the average share of labor income is lower".
"You know, Chris, despite what all the lefties say about me, I have helped elect more than my fair share of Labor governments, and I have often lived to regret it," Murdoch is quoted as saying.
Economic theory has mainly been concerned with the functional distribution of income, that is, with the returns to different identifiable factors of production and their respective shares in total income of a particular country, such as the share of labor income in national income.
Open image in new window Fig. 1 Share of labor accounted by small plants.
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In comparison to those of other regions, South Asia's exports include an unusually large share of labor-intensive manufactures, owing to its distinctive combination of resources and factor endowments relative to their supply of labor, South Asian economies have lower levels of education and fewer natural resources.
Yet the performance emphasized equality, a sharing of labor for common expressive cause.
Data on the shares of labor force with given education and foreigners arefrom the OECD Compendium.
Up to 1994, national accounts statistics separately reported income shares of labor, capital and closely held corporations, the latter category comprising both capital and labor according to our definitions.
The assumptions of Cobb Douglas preferences and technology imply that the shares of labor and capital (λ and κ) in autarky depend only on the Cobb Douglas shares (α, β, ϕ m and ϕ a) and not on factor endowments or productivity (see Sect. 7.1.1 in Appendix 1).
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