Bowley's law
Encyclopedia
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. It was first observed based on economic data in Britain from the late 19th and early 20th centuries. Bowley's Law has long been both an empirical and theoretical point of contention between rival theories of macroeconomic (functional) distribution.
Econometrics
Econometrics has been defined as "the application of mathematics and statistical methods to economic data" and described as the branch of economics "that aims to give empirical content to economic relations." More precisely, it is "the quantitative analysis of actual economic phenomena based on...
that the proportion of Gross National Product from labor is constant. It is named for Arthur Bowley, the statistician who first observed it. It was first observed based on economic data in Britain from the late 19th and early 20th centuries. Bowley's Law has long been both an empirical and theoretical point of contention between rival theories of macroeconomic (functional) distribution.