Bowley's law

Bowley's law is an observation in econometrics that the proportion of Gross National Product from labor is constant.[1] It is named for Arthur Bowley, the statistician who first observed it. It was first observed based on economic data in Britain from the late 19th and early 20th centuries.[2] Bowley's Law has long been both an empirical and theoretical point of contention between rival theories of macroeconomic (functional) distribution.[3]

References

  1. ^ Martin Bronfenbrenner. Income Distribution Theory. Transaction Publishers, 2006. Pages 80-81
  2. ^ David Hackett Fischer. The Great Wave: Price Revolutions and the Rhythm of History. Oxford University Press US, 1999. Page 294
  3. ^ Carter,Scott Real wage productivity elasticity across advanced economies, 1963-1996 Journal of Post Keynesian Economics, 2007, vol. 29, issue 4, pages 573-600