Macro Earnings Negativity

There are no apparent academic or theoretical positions; however, Macroeconomic earnings are generally perceived to result from overall corporate performance or merit. This perception appears largely due to the fact that improvements by an individual company generally result in, and merit, higher earnings for that company. However, the extension of this concept to the broad corporate environment is a fallacy of composition. We show that macroeconomic earnings are the result of negative economic features, and not of corporate attributes