We offer a macroeconomic assessment of China’s Reform Period, highlighting several neglected channels underlining its great expansion. Estimating the supply side of the post-Reform economy reveals the relatively high (above unity) value of the elasticity of factor substitution and the...

This article investigates how changing production processes and increasing market power at the firm level relate to a fall in Germany’s manufacturing sector labour share. Coinciding with the fall of the labour share, I document a rise in firms’ product and labour market power. Notably,...

In terms of convex analysis the revenue function of a country with a given factor endowment may be seen as the support function of the production possibility set. At the same time this revenue function is the so called convex-conjugate of the indicator function of the production possibility set....