The macroeconomics
division of the NESDB regularly prepares growth accounts using their estimates of GDP and the
capital stock and employment numbers from the Labor Force Survey of the National Statistical
Office. The methodology closely follows that shown in equation (2) above, but for their
inclusion of a role for land in the agricultural sector. Estimates are compiled using net and gross
measures of the capital stock as well a composite index (with a 75 percent weight on the gross
stock). The calculations reported in table 3 are based on the net capital stock. The labor input is
not adjusted for quality changes, and the factor shares are computed from the national accounts,
assigning all of proprietors’ income to capital. The share estimates are smoothed with a 3-year
moving average. The result is a very low estimate for the labor share (an average of 31 percent