This paper analyzes the macroeconomic effects of changes in the intensity of product market competition. The focus is on the interaction between imperfect competition in product markets and bargaining in the labor market. The main result is that, while a uniform intensification of product market...

This paper analyses the basic features of technical and distributional changes in the US since the Civil War as the expression of the gradual emergence of a new paradigm, corresponding to a Managerial Revolution, and its replacement of the earlier organization inherited from the Industrial...