empirically-determined constants α and β which corresponded to the capital and labor share respectively. Cobb and Douglas found that the wage share was about 75%. For most of the 20th century, constant labor share was a stylized fact known as Bowley's law. Historical measurements of the wage share can be charted using the Federal Reserve Bank of St. Louis's FRED tool, which includes time series published by the Bureau of Labor Statistics and Bureau of Economic Analysis. See also Factors of production Factor shares Compensation of employees Measures of national income and output Value added Income distribution Labor economics Rate of exploitation References Further reading Labour Income Share Ratios for OECD countries, 1995-2010, at OECD.Stat Michael D. Giandrea and Shawn Sprague. Estimating the U.S. labor share. Monthly Labor Review, Feb 2017, https://doi.org/10.21916/mlr.2017.7 Welfare economics Macroeconomic indicators National accounts Labour economics indices