Declining Labor Shares And Bargaining Power

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Declining Labor Shares And Bargaining Power

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Author : Benjamin Bental
language : en
Publisher:
Release Date : 2009

Declining Labor Shares And Bargaining Power written by Benjamin Bental and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.

We model the design of labor market institutions in an economy characterized by moral hazard and irreversible investment. In this setting the institutional design affects the bargaining power of labor. At the optimum, the allocation of bargaining power balances the aforementioned frictions. We examine the impact of improved monitoring and investigate the implication upon labor share, effort and investment. The model's predictions are consistent with recent decreasing labor shares and wages per effective labor units observed in most OECD countries. It is also consistent with rising labor productivity and declining ratio between effective labor and capital found in many of these countries.

Endogenous Bargaining Power And Declining Labor Compensation Share

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Author : Juan C. Córdoba Muñoz
language : en
Publisher:
Release Date : 2023

Endogenous Bargaining Power And Declining Labor Compensation Share written by Juan C. Córdoba Muñoz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.

The Role Of Bargaining Power

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Author : Vincent Victor
language : en
Publisher: Universitätsverlag Potsdam
Release Date : 2019

The Role Of Bargaining Power written by Vincent Victor and has been published by Universitätsverlag Potsdam this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Business & Economics categories.

Neoclassical theory omits the role of bargaining power in the determination of wages. As a result, the importance of changes in the bargaining position for the development of income shares in the last decades is underestimated. This paper presents a theoretical argument why collective bargaining power is a main determinant of workers’ share of income and how its decline contributed to the severe changes in the distribution of income since the 1980s. In order to confirm this hypothesis, a panel data regression analysis is performed that suggests that unions significantly influence the distribution of income in developed countries. Diese empirische Studie untersucht den Einfluss der Staatsform auf den Einsatz und das Ausmaß von Wirtschaftssanktionen unter Verwendung von Regressionsanalysen. Die Ergebnisse deuten auf ein friedliches Wirtschaftsverhältnis zwischen den Demokratien hin. Die bisherige Forschung hat den demokratischen Wirtschaftsfrieden mithilfe der institutionellen Theorie erklärt, die das Sanktionsverhalten auf ein rationalistisches Kosten-Nutzen-Kalkül zurückführt. Demgegenüber vertritt die konstruktivistische Theorie die Auffassung, dass die friedvollere Konfliktbewältigung unter Demokratien auf die Ausbildung einer gemeinsamen Identität, sowie auf gemeinsame Werte und Normen zurückzuführen sei.

Globalization And The Decline In Labor Shares

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Author : Andrew T. Young
language : en
Publisher:
Release Date : 2017

Globalization And The Decline In Labor Shares written by Andrew T. Young and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.

We employ data from up to 125 countries during the 1970-2009 period to explore the relationship between globalization and labor share. Existing studies report a negative relationship between trade and investment flows and labor shares. While we also find that economic flows are often negatively related to labor shares, measures of social globalization tend to be positively related to labor shares. While greater mobility of goods and capital may be associated with increases in capital's bargaining power, all else equal, greater flows of information, ideas, and people may increase the bargaining power of workers.

The Elusive Explanation For The Declining Labor Share

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Author : Gene M. Grossman
language : en
Publisher:
Release Date : 2021

The Elusive Explanation For The Declining Labor Share written by Gene M. Grossman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.

A vast literature seeks to measure and explain the apparent decline in the labor share in national income that has occurred in recent times in the United States and elsewhere. The culprits include technological change, increased globalization and the rise of China, the enhanced exercise of market power by large firms in concentrated product markets, the decline in unionization rates and the erosion in the bargaining power of workers in labor markets, and the changing composition of the workforce due to a slowdown in population growth and a rise in educational attainment. We review this literature, with special emphasis on the pitfalls associated with using cross-sectional data to assess this phenomenon and the reasons why the body of papers collectively explains the phenomenon many times over.

Employment Protection Deregulation And Labor Shares In Advanced Economies

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Author : Gabriele Ciminelli
language : en
Publisher: International Monetary Fund
Release Date : 2018-08-16

Employment Protection Deregulation And Labor Shares In Advanced Economies written by Gabriele Ciminelli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-16 with Business & Economics categories.

Labor market deregulation, intended to boost productivity and employment, is one plausible, yet little studied, driver of the decline in labor shares that took place across most advanced economies since the early 1990s. This paper assesses the impact of job protection deregulation in a sample of 26 advanced economies over the period 1970-2015, using a newly constructed dataset of major reforms to employment protection legislation for regular contracts. We apply the local projection method to estimate the dynamic response of the labor share to our reform events at both the country and the country-industry levels. For the latter, we employ a differences-in-differences identification strategy using two identifying assumptions grounded in theory—namely that job protection deregulation should have larger negative effects in industries characterized by (i) a higher “natural” propensity to adjust the workforce, and (ii) a lower elasticity of substitution between capital and labor. We find a statistically significant, economically large and robust negative effect of deregulation on the labor share. In particular, illustrative back-of-the-envelope calculations suggest that job protection deregulation may have contributed about 15 percent to the average labor share decline in advanced economies. Together with existing evidence regarding the macroeconomic gains from job protection and other labor market reforms, our results also point to the need for policymakers to address efficiency-equity trade-offs when designing such reforms.

Declining Labor Share

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Author : Changyuan Luo
language : en
Publisher:
Release Date : 2011

Declining Labor Share written by Changyuan Luo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

This paper explores why labor share in China has declined since the middle of the 1990s. Existing literature usually ascribes the labor share decline in developed countries to biased technological progress. However, our investigation shows that China's case is different. Using a simultaneous equation model estimated with three-stage least squares, we find that FDI, levels of economic development and privatization have negative effects on the labor share. The negative influence of FDI on labor share results from regional competition for FDI, which weakens labor forces' bargaining power. A U-shaped relationship exists between labor share and the level of economic development, and China is now on the declining part of the curve. The negative effects of privatization on the labor share stem from the elimination of the so-called “wage costs eroding profit” situation and the positive supply shock on the labor market.

Bargaining Power And The Labor Share

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Author : Kornelius Kraft
language : en
Publisher:
Release Date : 2021

Bargaining Power And The Labor Share written by Kornelius Kraft and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.

Effects Of Globalization On Labor S Share In National Income

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Author : Anastasia Guscina
language : en
Publisher: International Monetary Fund
Release Date : 2006-12

Effects Of Globalization On Labor S Share In National Income written by Anastasia Guscina and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-12 with Business & Economics categories.

The past two decades have seen a decline in labor's share of national income in several industrial countries. This paper analyzes the role of three factors in explaining movements in labor's share--factor-biased technological progress, openness to trade, and changes in employment protection--using a panel of 18 industrial countries over 1960-2000. Since most studies suggest that globalization and rapid technological progress (associated with accelerated information technology development) began in the mid-1980s, the sample is split in 1985 into preglobalization/pre-IT revolution and postglobalization/post-IT revolution eras. The results suggest that the decline in labor's share during the past few decades in the OECD member countries may have been largely an equilibrium, rather than a cyclical, phenomenon, as the distribution of national income between labor and capital adjusted to capital-augmenting technological progress and a more globalized world economy.

The Distribution Of Income Between Labor And Capital Is Not Stable

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Author : Josef C. Brada
language : en
Publisher:
Release Date : 2015

The Distribution Of Income Between Labor And Capital Is Not Stable written by Josef C. Brada and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.

I review the literature on labor's share of national income in developed and developing countries. These shares have varied systematically over the post-World War II period, rising until the late 1970s and then falling until now. Explanations for the decline in labor's share include technical progress, globalization and a decline in labor's bargaining power, but none of these explanations can account for both the rise and the decline of labor shares over time and for the similar pattern in developed and developing countries. However, movements in oil prices can account for these movements if energy is included in the production function. Such an explanation has broad implications for income distribution, energy conservation and for the modern theory of growth.