In a Walrasian labor market, the labor income share is constant under the assumptions of a Cobb-Douglas production function and perfect competition. Given the observed decline of the labor share in recent decades, this paper relaxes these assumptions, proposes a time-series calculation of the...

This paper re-examines Ricardo's argument on machinery in the light of Samuelson's recent attempt to add new force to the long stream of its interpretations. This attempt is partly criticised and partly re-utilised to produce a new reconstruction of that argument. This reconstruction is carried...