The relationship between the wage rate and the rate of profit, implicit in the prices of a production system, has been recently adopted in a growing series of empirical studies. The first part of this paper is devoted to a general appraisal of these studies. In the second part, the wage-profit relationship, estimated for each year of the 1959-1985 period for the Italian economy, is used to define a productivity measure. The rate of growth of productivity is compared with that of gross output, net output and employment, both at the aggregate and sectoral levels. The comparison suggests some interesting interpretations of the evolving structure of the Italian economy.
Marzi, G. (1994). Vertically integrated sectors analysis: the Empirics of Structural Change. STRUCTURAL CHANGE AND ECONOMIC DYNAMICS, 5(1), 155-175 [10.1016/S0954-349X(05)80026-8].
Vertically integrated sectors analysis: the Empirics of Structural Change
MARZI, GRAZIELLA
1994
Abstract
The relationship between the wage rate and the rate of profit, implicit in the prices of a production system, has been recently adopted in a growing series of empirical studies. The first part of this paper is devoted to a general appraisal of these studies. In the second part, the wage-profit relationship, estimated for each year of the 1959-1985 period for the Italian economy, is used to define a productivity measure. The rate of growth of productivity is compared with that of gross output, net output and employment, both at the aggregate and sectoral levels. The comparison suggests some interesting interpretations of the evolving structure of the Italian economy.
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