4. Figure 3-5 shows that in U.S. data, labors share of total income is approximately a constant...
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4. Figure 3-5 shows that in U.S. data, labor’s share of total income is approximately a constant over time. Table 3-1 shows that the trend in the real wage closely tracks the trend in labor productivity.
How are these facts related? Could the first fact be true without the second also being true?
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