) capital entirely accounts for the observed decline of the US labor share, which otherwise is secularly constant for structures … and equipment capital. The decline of the labor share reflects that the US is undergoing a transition to a more IPP … capital-intensive economy. This result has essential implications for the US macroeconomic model …

is important because Net labor share is a more direct measure of income distribution between labor and capital. In … capitalization of intellectual property has little effect on the inferences about the shift in income distribution between capital …

of substitution between capital and labor is greater than one. However, the vast majority of micro-level estimates shows … that capital and labor are complements (elasticity less than one). Using firm- and establishment-level data from Korea, we … divide capital into equipment and software, as they may interact with labor in different ways. Our estimation shows that …