I’ve been struggling with putting together quarterly net operating surplus data for non-fianncial businesses. I have non-financial corporate businesses, but this excludes proprietors. Frustrating.
But I’ve been encouraged by some similar arguments I found poking about the web:
The first is a review of The Rise of Unemployment in Europe: A Keynesian Approach:
The data at hand show that the amount of operating surplus of NFBs transformed into dividends and interest payments in France, the UK, and the U.S. were a staggering 80 percent or more; there were even years when the entire surplus was transferred to owners of financial assets. The capital accumulation rate decreased in all countries, while unemployment; the ratio of financial income to the share of operating surplus for NFBs; the ratio of operating income of NFBs to operating surplus of the entire economy; dividend and interest income as a share of total household income (renters household income share); renters’ share of NFBs; renters’ payments over operating surplus of NFBs; and the ratio of operating surplus of NFBs divided by the operating surplus of the entire economy all increased substantially. Even the rate of technical progress experienced a substantial decline beginning in the mid-1970s, probably because of the decline in capital accumulation.
UPDATE: changed SCB link to point to 2010 doc instead of 2007 doc. Added ILO paper ref.