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Bowley's law
Bowley's law is an observation in econometrics that the proportion of gross national product from labor is constant. It is named for Arthur Bowley, the statistician who first observed it, based on economic data in Britain from the late 19th and early 20th centuries. Bowley first published his wage and income data in his 1900 ''Wages in the United Kingdom in the Nineteenth Century''. In a 1920 work he was speculating on an apparent share constancy between earned income and national income, and in his ''Wages and Income in the United Kingdom since 1860'' of 1937 Bowley was asserting that the data clearly showed the constant relationship.〔 However, the term "Bowley's Law" did not appear in print before the sixth edition of Paul Samuelson's textbook ''Economics'' in 1964.
Bowley's Law has long been both an empirical and theoretical point of contention between rival theories of macroeconomic (functional) distribution, Its empirical justification has come under particular review, and, ''contra'' Bowley's Law, "increasingly more literature acknowledges the long-term decline of the wage share in most countries in the last 30 years or so."〔
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抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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