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Capital intensity is the amount of fixed or real capital present in relation to other factors of production, especially labor.At the level of either a production process or the aggregate economy, it may be estimated by the capital to labor ratio, such as from the points along a capital/labor isoquant.
The Leontief paradox, presented by Wassily Leontief in 1951, [1] found that the U.S. (the most capital-abundant country in the world by any criterion) exported labor-intensive commodities and imported capital-intensive commodities, in apparent contradiction with the Heckscher–Ohlin theorem. However, if labor is separated into two distinct ...
Habakkuk proposed that America ended up choosing a more capital-intensive technique of manufacturing in order to conserve labor. To further his argument he points out that increased demand for labor in the early 19th century raised the wages of unskilled labor more than that of skilled labor.
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In 1971 Robert Baldwin showed that U.S. imports were 27% more capital-intensive than U.S. exports in the 1962 trade data, using a measure similar to Leontief's. [2] [3]In 1980 Edward Leamer questioned Leontief's original methodology for comparing factor contents of an equal dollar value of imports and exports (i.e. on real exchange rate grounds).
In such industries, labor costs are more of a concern than capital costs. Labor intensity is measured by its proportion [clarification needed] to the amount of capital to produce goods or services. The higher the labor cost, the more labor intense is the business. Labor cost can vary because businesses can add or subtract workers based on ...
The Marxist labor theory of value has been criticized on several counts. Some argue that it predicts that profits will be higher in labor-intensive industries than in capital-intensive industries, which would be contradicted by measured empirical data inherent in quantitative analysis. This is sometimes referred to as the "Great Contradiction ...
In Marxist theory and Marxian economics, the immiseration thesis, also referred to as emiseration thesis, is derived from Karl Marx's analysis of economic development in capitalism, implying that the nature of capitalist production stabilizes real wages, reducing wage growth relative to total value creation in the economy.