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| Does Labor Share of Economic Achievements Affect the Crossing of the Middle-income Trap |
| YUAN Yi-ming1, XU Chang-jian2 |
1. China Special Economic Zone Research Center, Shenzhen University, Shenzhen, Guangdong, 518060;
2. College of Finance and Economics, Guangdong Polytechnic Normal University,Guangzhou,Guangdong, 510665 |
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Abstract Labor remuneration reflects how much workers share economic achievement, and determines their social and economic status. The international development shows that the labor share of economic achievement is an important factor affecting sustainable economic growth. The higher the share of labor income, the greater impact it has on economic growth, and the faster economy grows. It takes less time for economies with a higher labor income share and continuous improvement to move from the upper-middle stage to the high-income stage while it takes more time for countries or regions with low labor income share to make the transition. Countries or regions whose labor income share is less than 50% and showing a downward trend fail to achieve the transition from the upper-middle stage to the high-income stage. Empirical data analysis further reveals that labor share of economic achievement is a major factor for economic growth. The higher the labor income share, the faster the per capita GDP grows, the less time it takes to move from the upper-middle stage to high-income stage, and the more favorable it is to achieve sustainable economic development. Apart from improving the worker’s enthusiasm, labor share of economic achievement can also promote the formation of economic growth capacity by influencing human capital investment.
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Received: 25 May 2020
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2020, Vol. 37 
