Journal Article

Factor shares: the principal problem of political economy?

A. B. Atkinson

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 25, issue 1, pages 3-16
Published in print January 2009 | ISSN: 0266-903X
Published online January 2009 | e-ISSN: 1460-2121 | DOI: http://dx.doi.org/10.1093/oxrep/grp007
Factor shares: the principal problem of political economy?

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  • Economic Development and Growth
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This paper identifies three reasons for studying factor shares: to make a link between incomes at the macroeconomic level (national accounts) and incomes at the level of the household; to help understand inequality in the personal distribution of income; and to address the concern of social justice with the fairness of different sources of income. In each case, I explore the implications and point to ways in which the analysis could be taken forward in a twenty-first-century treatment of the classical problem of political economy.

Keywords: factor shares; wages; profits; distribution; E25

Journal Article.  7079 words.  Illustrated.

Subjects: Economic Development and Growth ; Public Economics ; Political Economy ; Public Policy

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