I ‘ve recently read an interesting paper on the evolution and determinants of the firm profit share in the US (analyzed with a Marxian perspective). The paper uses an accounting identity framework for its analysis instead of an econometric setup which makes the analysis much more robust and clear. I will use a similar framework to look into the contributions of various sources to the evolution of the Greek firms profits during the Euro era.
According to Ameco, Gross Disposable Income (a close proxy for profits after tax without consumption of fixed investment) is equal to:
GDI = Balance of Primary Income (Gross) – Taxes on Income and Wealth + Net Current Transfers
BPI = Gross Value Added – Compensation of Employees – Other Taxes + Other Subsidies + Net Property Income.
I ‘ve listed the most important elements in nominal terms in the table below:
An initial inspection shows…
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