I can think of other analyses to do with this and related data, such as some measure of average wage in an appropriate numeraire. For example, one might examine the rate of exploitation, the variation in the organic composition of capital by industry, and the differences between prices and labor values.
Figure 1: 2005 Embodied Labor Values |
Industry | Embodied Labor Values (Person-years per Thousand $ Output) | Direct Labor Coefficient (Person-years per Thousand $ Output) |
Social Assistance | 0.0219 | 0.0185 |
Food Services and DrinkingPlaces | 0.0200 | 0.0157 |
Forestry, Fishing, and Related Activities | 0.0192 | 0.0103 |
Transit and Ground Passenger Transportation | 0.0174 | 0.0138 |
Administrative and Support Services | 0.0172 | 0.0136 |
Educational Services | 0.0169 | 0.0134 |
Amusements, Gambling, and Recreation Industries | 0.0152 | 0.0122 |
Other Services, Except Government | 0.0152 | 0.0112 |
Hospitals and Nursing and Residental Care Facilities | 0.0146 | 0.0107 |
Warehousing and Storage | 0.0141 | 0.0127 |
Wood Products | 0.0141 | 0.00537 |
Apparel and Leather and Allied Products | 0.0139 | 0.00840 |
Retail Trade | 0.0137 | 0.0106 |
Accomodation | 0.0133 | 0.00986 |
State and Local General Government | 0.0129 | 0.00971 |
Furniture and Related Products | 0.0128 | 0.00651 |
Printing and Related Support Activities | 0.0119 | 0.00719 |
Textile Mills and Textile Product Mills | 0.0119 | 0.00548 |
Other Transportation and Support Activities | 0.0111 | 0.00908 |
Construction | 0.0110 | 0.00623 |
Federal Government Enterprises | 0.0105 | 0.00803 |
Ambulatory Health Care Services | 0.0103 | 0.00727 |
Fabricated Metal Products | 0.0102 | 0.00555 |
State and Local Government Enterprises | 0.00996 | 0.00525 |
Truck Transportation | 0.00989 | 0.00539 |
Motor Vehicles, Bodies and Trailers, and Parts | 0.00963 | 0.00226 |
Waste Management and Remediation Services | 0.00923 | 0.00492 |
Plastics and Rubber Products | 0.0922 | 0.00410 |
Machinery | 0.00920 | 0.00399 |
Misc. Professional, Scientific and Technical Services | 0.00914 | 0.00501 |
Miscellaneous Manufacturing | 0.00903 | 0.00450 |
Nonmetallic Mineral Products | 0.00898 | 0.00444 |
Paper Products | 0.00895 | 0.00302 |
Food and Beverage and Tobacco Products | 0.00890 | 0.00247 |
Computer Systems Design and Related Services | 0.00888 | 0.00627 |
Computer and Electronic Products | 0.00880 | 0.00340 |
Electrical Equipment, Appliances, and Components | 0.00880 | 0.00393 |
Information and Data Processing Services | 0.00869 | 0.00339 |
Other Transportation Equipment | 0.00847 | 0.00349 |
Air Transportation | 0.00841 | 0.00352 |
Performing Arts, Spectator Sports, Museums, Etc. | 0.00831 | 0.00512 |
Motion Picture and Sound Recording Industries | 0.00821 | 0.00371 |
Federal General Government | 0.00812 | 0.00430 |
Wholesale Trade | 0.00811 | 0.00526 |
Insurance Carriers and Related Activities | 0.00805 | 0.00372 |
Rental and Leasing Services and Lessors of Intangible Assets | 0.00784 | 0.00243 |
Water Transportation | 0.00780 | 0.00159 |
Farms | 0.00778 | 0.00264 |
Legal Services | 0.00758 | 0.00512 |
Management of Companies and Enterprises | 0.00757 | 0.00469 |
Publishing Industries (Includes Software) | 0.00751 | 0.00317 |
Primary Metals | 0.00736 | 0.00237 |
Rail Transportation | 0.00686 | 0.00326 |
Support Activities for Mining | 0.00656 | 0.00263 |
Fed. Reserve Banks, Credit Intermediation, Etc. | 0.00635 | 0.00408 |
Mining, Except Oil and Gas | 0.00623 | 0.00329 |
Chemical Products | 0.00621 | 0.00160 |
Broadcasting and Telecommunications | 0.00598 | 0.00188 |
Securities, Commodity Contracts, and Investments | 0.00542 | 0.00246 |
Pipeline Transportation | 0.00524 | 0.000922 |
Funds, Trusts, and Other Financial Vehicles | 0.00514 | 0.000918 |
Real Estate | 0.00326 | 0.000687 |
Petroleum and Coal Products | 0.00325 | 0.000274 |
Utilities | 0.00294 | 0.00133 |
Oil and Gas Extraction | 0.00250 | 0.000507 |
Hi Robert,
ReplyDeleteInteresting stuff. One thing you might want to consider is whether actual hours worked is a good representation of 'labour values'. Some Marxian economists like Ben Fine and Alfredo Saad-Filho dismiss the possibility of making this quantification at all, but obviously some kind of quantification is necessary if you're going to do quantitative research!
One modification that seems especially important though is some kind of reduction from skilled to simple labour, since if you want to disaggregate value by industry, it seems likely that the average skill level would be higher in some industries than others. The easiest way to do this is probably to follow Keynes assumption (with regard to his 'labour-unit') and assume that wage differentials represent skill differentials. Of course that's not realistic but it depends on what you see 'labour values' as actually being, I guess.
Thanks for the comment. In addition to the reduction of abstract labor to concrete labors, I might want to worry about the distinction between productive and unproductive labor. On the other hand, I'd like to take the Bureau of Economic Analysis data as close to possible as is. But I'm not sure where I want to go with this.
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