Wage-Profit Curves in U.S. Manufacturing

Thomas Michl

Cambridge Journal of Economics, 1991, vol. 15, issue 3, 271-86

Abstract: This paper presents estimates of the wage share-profit rate curves using time series data in manufacturing and based on a fixed capital, labor, raw materials, intermediate good production model. The estimates suggest that cost pressures from wages in the 1960s and raw materials in the 1970s reduced the rate of profit, and that it remained low in the 1980s because of an increase, over the entire postwar period, in the capital-output ratio. This increase is consistent with the Marxian theory of capital-using technical change. Copyright 1991 by Oxford University Press.

Date: 1991
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