Transcription of The Labour Share in G20 Economies - OECD
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The Labour Share in G20 Economies - OECD
1 The Labour Share in G20 Economies International Labour Organization Organisation for Economic Co-operation and Development with contributions from International Monetary Fund and World Bank Group Report prepared for the G20 Employment Working Group Antalya, Turkey, 26-27 February 2015 2 Introduction National income is the sum of all income available to the residents of a given country in a given year. The division of national income between Labour and capital is called the functional distribution of income. The Labour income Share (or Labour Share ) is the part of national income allocated to Labour compensation, while the capital Share is the part of national income going to capital. A falling Labour Share often reflects more rapid growth in Labour productivity than in average Labour compensation, and an increase in returns to capital relative to Labour . A detailed description of the Labour Share and how it is measured is presented in Annex A.
Paul Douglas made a similar finding regarding the labour share in the United States, and developed, together with the mathematician Charles Cobb, the famous Cobb–Douglas production function, which simplifies economic modelling by assuming that the functional income distribution between labour and
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