Explaining The Decline In The Us Labor Share
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What Explains The Decline Of The U S Labor Share Of Income An Analysis Of State And Industry Level Data
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Author : Mr.Yasser Abdih
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-24
What Explains The Decline Of The U S Labor Share Of Income An Analysis Of State And Industry Level Data written by Mr.Yasser Abdih 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 2017-07-24 with Business & Economics categories.
The U.S. labor share of income has been on a secular downward trajectory since the beginning of the new millennium. Using data that are disaggregated across both state and industry, we show the decline in the labor share is broad-based but the extent of the fall varies greatly. Exploiting a new data set on the task characteristics of occupations, the U.S. input-output tables, and the Current Population Survey, we find that in addition to changes in labor institutions, technological change and different forms of trade integration lowered the labor share. In particular, the fall was largest, on average, in industries that saw: a high initial intensity of “routinizable” occupations; steep declines in unionization; a high level of competition from imports; and a high intensity of foreign input usage. Quantitatively, we find that the bulk of the effect comes from changes in technology that are linked to the automation of routine tasks, followed by trade globalization.
Explaining The Decline In The Us Labor Share
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Author : Burkhard Heer
language : en
Publisher:
Release Date : 2022
Explaining The Decline In The Us Labor Share written by Burkhard Heer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
This study provides evidence for the US that the secular decline in the labor share is not only explained by technical change or globalization, but also by the dynamics of factor taxation, automation capital (robots), and population growth. First, we empirically find indications of co-integration for the period from the last quarter of the 20th to the first decade of the 21st century. Permanent effects on factor shares emanate from relative factor taxation. The latter also have a lasting effect on the use of robots. Variance decompositions reveal that taxing contributes to changes in the two income shares and in automation capital. Second, we analyse and calibrate a neoclassical growth model extended to include factor taxation, automation capital, and capital adjustment costs. Labor and automation capital are perfect substitutes whereas labor and traditional capital are complements. The model replicates the dynamics of the observed functional income distribution in the US during the 1965-2015 period. Counterfactual experiments suggest that the fall in the labor share would have been significantly smaller if labor and capital income tax rates had remained at their respective level of the 1960s.
Understanding National Accounts Second Edition
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Author : Lequiller François
language : en
Publisher: OECD Publishing
Release Date : 2014-10-20
Understanding National Accounts Second Edition written by Lequiller François and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-20 with categories.
This is an update of OECD 2006 "Understanding National Accounts". It contains new data, new chapters and is adapted to the new systems of national accounts, SNA 2008 and ESA 2010.
Explaining The Decline In The U S Employment To Population Ratio
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Author : Katharine G. Abraham
language : en
Publisher:
Release Date : 2018
Explaining The Decline In The U S Employment To Population Ratio written by Katharine G. Abraham and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
This paper first documents trends in employment rates and then reviews what is known about the various factors that have been proposed to explain the decline in the overall employment-to-population ratio between 1999 and 2016. Population aging has had a notable effect on the overall employment rate over this period, but within-age-group declines in employment among young and prime age adults have been at least as important. Our review of the evidence leads us to conclude that labor demand factors, in particular trade and the penetration of robots into the labor market, are the most important drivers of observed within-group declines in employment. Labor supply factors, most notably increased participation in disability insurance programs, have played a less important but not inconsequential role. Increases in the real value of the minimum wage and in the share of individuals with prison records also have contributed modestly to the decline in the aggregate employment rate. In addition to these factors, whose effects we roughly quantify, we also identify a set of potentially important factors about which the evidence is too preliminary to draw any clear conclusion. These include improvements in leisure technology, changing social norms, increased drug use, growth in occupational licensing, and the costs and challenges associated with child care. Our evidence-driven ranking of factors should be useful for guiding future discussions about the sources of decline in the aggregate employment-to-population ratio and consequently the likely efficacy of alternative policy approaches to increasing employment rates.
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.
The Theory Of Capital
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Author : D C Hagued
language : en
Publisher: Springer
Release Date : 1961-01-01
The Theory Of Capital written by D C Hagued and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1961-01-01 with Business & Economics categories.
Why Is Labor Receiving A Smaller Share Of Global Income Theory And Empirical Evidence
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Author : Mai Chi Dao
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-24
Why Is Labor Receiving A Smaller Share Of Global Income Theory And Empirical Evidence written by Mai Chi Dao 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 2017-07-24 with Business & Economics categories.
This paper documents the downward trend in the labor share of global income since the early 1990s, as well as its heterogeneous evolution across countries, industries and worker skill groups, using a newly assembled dataset, and analyzes the drivers behind it. Technological progress, along with varying exposure to routine occupations, explains about half the overall decline in advanced economies, with a larger negative impact on middle-skilled workers. In emerging markets, the labor share evolution is explained predominantly by global integration, particularly the expansion of global value chains that contributed to raising the overall capital intensity in production.
Capital Task Complementarity And The Decline Of The U S Labor Share Of Income
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Author : Musa Orak
language : en
Publisher:
Release Date : 2017
Capital Task Complementarity And The Decline Of The U S Labor Share Of Income written by Musa Orak 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.
This paper provides evidence that shifts in the occupational composition of the U.S. workforce are the most important factor explaining the trend decline in the labor share over the past four decades. Estimates suggest that while there is unitary elasticity between equipment capital and non-routine tasks, equipment capital and routine tasks are highly substitutable. Through the lenses of a general equilibrium model with occupational choice and the estimated production technology, I document that the fall in relative price of equipment capital alone can explain 72 percent of the observed decline in the U.S. labor share. In addition, I find that differences in labor share trends across sectors can be accounted for by varying sensitivities of cost of production to the price of equipment capital.
Oecd Employment Outlook 2012
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2012-07-10
Oecd Employment Outlook 2012 written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-10 with categories.
This 30th edition of the OECD Employment Outlook examines the labour market performance of OECD countries as well as the prospects in the short term.
The Decline Of The Labor Share Is Not Explained By The Capitalization Of Intellectual Property Products
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Author : Simcha Barkai
language : en
Publisher:
Release Date : 2021
The Decline Of The Labor Share Is Not Explained By The Capitalization Of Intellectual Property Products written by Simcha Barkai 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.
The U.S. labor share has clearly been declining since the early 1980s. This does not depend on whether or not we capitalise intellectual property products. Koh, Santaeul'alia-Llopis and Zheng (2020) approximate the labor share by a single linear time trend over the entire period of 1929-2019. This period includes a long period of time over which the labor share is known to be mostly stable and a shorter period of time over which the labor share is known to decline. Once we separate out the period starting in the 1980s we recover the decline in the labor share.