Factor Incomes and Factor Shares

F. V. Meyer, D. C. Corner and J. E. S. Parker

Chapter 18 in Problems of a Mature Economy, 1970, pp 349-353 from Palgrave Macmillan

Abstract: Abstract Incomes are the earnings of factors of production in return for tasks performed by those factors. The economic function of those earnings is to enable factors to perform their tasks: human factors have to be fed, clad, housed, and what not, so that they can live and work. Material factors have to be kept in good repair, so as to aid rather than hinder the human factors’ work. Were this book concerned with a static society, it would suffice to say that man must live to work and work to live, and that the material aids at hand must not be allowed to deteriorate. British society today, however, is a dynamic society where ways of living and methods of work change.

Keywords: National Income; Material Factor; Motor Mechanic; Factor Share; Factor Income (search for similar items in EconPapers)
Date: 1970
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DOI: 10.1007/978-1-349-15400-5_18

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