Labour's Shares and Profitability Crisis in the U.S.: Recent Experience and Post-war Trends

Andrew Henley

Cambridge Journal of Economics, 1987, vol. 11, issue 4, 315-30

Abstract: Extends work on U.S. rate of profit by T. E. Weisskopf (1979). Firstly the author finds, by extending Weisskopf's data into the early 1980s, that continued downward pressure on profitability i s explained by capacity utilization, in contrast to Weisskopf's explanation of rising labor share. Secondly, it is found that ri sing labor share in the post-War period is largely composed of r ising levels of supplemental fringe benefits and is, in the earl y part of the period, also explained by rising nonproduction lab or costs. Production worker wage share falls secularly and this may be explained, particularly in the 1960s, by rising price mar k-ups on direct cost. Copyright 1987 by Oxford University Press.

Date: 1987
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