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We study the behavior of the US labor share over the past 70 years. We find that the capitalization of intellectual property products in the national income and product accounts entirely explains - in a purely accounting sense - the observed decline of the US labor share. We assess the...
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) 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 …
Persistent link: https://www.econbiz.de/10013005456
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 …
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Financialization has been growing importance in macroeconomic perspectives since the finance-dominated capitalist relations have captured many of the specific positions in an aggregate economy. However, the empirical literature has substantially ignored the examination of the link between an...
Persistent link: https://www.econbiz.de/10012145745
Financialization has been growing importance in macroeconomic perspectives since the finance-dominated capitalist relations have captured many of the specific positions in an aggregate economy. However, the empirical literature has substantially ignored the examination of the link between an...
Persistent link: https://www.econbiz.de/10012384130
As the pace of digitalization and automation accelerates globally, and more disruptive innovations in machine learning, artificial intelligence and robotics are expected, new data sources and measurement tools are needed to complement existing valuable statistics and administrative data. This is...
Persistent link: https://www.econbiz.de/10011910757
As the pace of digitalization and automation accelerates globally, and more disruptive innovations in machine learning, artificial intelligence and robotics are expected, new data sources and measurement tools are needed to complement existing valuable statistics and administrative data. This is...
Persistent link: https://www.econbiz.de/10011908122
There are two fundamental reasons why factor shares have traditionally been overlooked in the economic literature. First, because of their nature, factor shares are conceptually difficult to define and measure. Second, they have for a long time been perceived as constant across time and space....
Persistent link: https://www.econbiz.de/10011964265