Production Technology Market Power And The Decline Of The Labor Share
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Production Technology Market Power And The Decline Of The Labor Share
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Author : Agustin Velasquez
language : en
Publisher: International Monetary Fund
Release Date : 2023-02-10
Production Technology Market Power And The Decline Of The Labor Share written by Agustin Velasquez 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 2023-02-10 with Business & Economics categories.
The labor share has been declining in the United States, and especially so in manufacturing. This paper investigates the role of capital accumulation and market power in explaining this decline. I first estimate the production function of 21 manufacturing sectors along time series and including time-varying markups. The elasticities of substitution for most sectors are estimated below one, implying that capital deepening cannot explain the labor share decline. I then track the long-run evolution of the labor share using the estimated production technology parameters. I decompose aggregate labor share changes into sector re-weights, capital-labor substitution, and market power effects. I find that the increase in market power, as reported in recent studies, can account for, at least, 76 percent of the labor share decline in manufacturing. Absent the rise in market power, the labor share would have remained constant in the second half of the 20th century.
The Decline Of The Labor Share
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Author : Drago Bergholt
language : en
Publisher:
Release Date : 2019
The Decline Of The Labor Share written by Drago Bergholt and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
We estimate a structural vector autoregressive model in order to quantify four main explanations for the decline of the US labor income share: (i) rising market power of firms, (ii) falling market power of workers, (iii) higher investmentspecific technology growth, and (iv) the widespread emergence of automation or robotization in production processes. Identification is achieved with theory robust sign restrictions imposed at medium-run horizons. The restrictions are derived from a stylized macroeconomic model of structural change. Across specifications we find that automation is the main driver of the long-run labor share. Firms' rising markups can, however, account for a significant part of the accelerating labor share decline observed in the last 20 years. Our results also point to complementarity between labor and capital, thus ruling out capital deepening as a major force behind declining labor shares. If anything, investment-specific technology growth has contributed to higher labor income shares in our sample.
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.
Technical Progress And Labor Share Decline In The Manufacturing And Distribution Industry
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Author : Michele Boldrin
language : en
Publisher:
Release Date : 2023
Technical Progress And Labor Share Decline In The Manufacturing And Distribution Industry written by Michele Boldrin 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.
In the United States the share of national income accruing to labor has declined rapidly since the 1980s. The decline is mainly in the manufacturing and distribution sectors where both productivity and concentration increased faster than the rest of the economy. In these sectors, the decline of labor share is especially strong within large firms. We claim there is a common cause to these facts. If inputs are complementary in production and labor-saving technological progress is embodied in new machines then innovation causes a reduction in the labor share. We use a growth model with heterogeneous firms to illustrate the channels through which technological progress may drive down the labor share and increase productivity and concentration. Based on our calibration, labor-saving technical change accounts for up to $80 %$ of the labor share decline in the manufacturing and distribution sectors between 1987 and 2017.
Oecd Employment Outlook 2017
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2017-06-13
Oecd Employment Outlook 2017 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 2017-06-13 with categories.
The 2017 edition of the OECD Employment Outlook reviews recent labour market trends and short-term prospects in OECD countries.
Global Declining Competition
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Author : Mr.Federico J Diez
language : en
Publisher: International Monetary Fund
Release Date : 2019-04-26
Global Declining Competition written by Mr.Federico J Diez 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 2019-04-26 with Business & Economics categories.
Using a new firm-level dataset on private and listed firms from 20 countries, we document five stylized facts on market power in global markets. First, competition has declined around the world, measured as a moderate increase in average firm markups during 2000- 2015. Second, the markup increase is driven by already high-markup firms (top decile of the markup distribution) that charge increasing markups. Third, markups increased mostly among advanced economies but not in emerging markets. Fourth, there is a non-monotonic relation between firm size and markups that is first decreasing and then increasing. Finally, the increase is mostly driven by increases within incumbents and also by market share reallocation towards high-markup entrants.
Technology And The Future Of Work
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Author : Adrian Peralta-Alva
language : en
Publisher: International Monetary Fund
Release Date : 2018-10-01
Technology And The Future Of Work written by Adrian Peralta-Alva 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 2018-10-01 with Business & Economics categories.
This paper uses a DSGE model to simulate the impact of technological change on labor markets and income distribution. It finds that technological advances offers prospects for stronger productivity and growth, but brings risks of increased income polarization. This calls for inclusive policies tailored to country-specific circumstances and preferences, such as investment in human capital to facilitate retooling of low-skilled workers so that they can partake in the gains of technological change, and redistributive policies (such as differentiated income tax cuts) to help reallocate gains. Policies are also needed to facilitate the process of adjustment.
The Profit Paradox
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Author : Jan Eeckhout
language : en
Publisher: Princeton University Press
Release Date : 2022-10-25
The Profit Paradox written by Jan Eeckhout and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-10-25 with Business & Economics categories.
A pioneering account of the surging global tide of market power—and how it stifles workers around the world In an era of technological progress and easy communication, it might seem reasonable to assume that the world’s working people have never had it so good. But wages are stagnant and prices are rising, so that everything from a bottle of beer to a prosthetic hip costs more. Economist Jan Eeckhout shows how this is due to a small number of companies exploiting an unbridled rise in market power—the ability to set prices higher than they could in a properly functioning competitive marketplace. Drawing on his own groundbreaking research and telling the stories of common workers throughout, he demonstrates how market power has suffocated the world of work, and how, without better mechanisms to ensure competition, it could lead to disastrous market corrections and political turmoil. The Profit Paradox describes how, over the past forty years, a handful of companies have reaped most of the rewards of technological advancements—acquiring rivals, securing huge profits, and creating brutally unequal outcomes for workers. Instead of passing on the benefits of better technologies to consumers through lower prices, these “superstar” companies leverage new technologies to charge even higher prices. The consequences are already immense, from unnecessarily high prices for virtually everything, to fewer startups that can compete, to rising inequality and stagnating wages for most workers, to severely limited social mobility. A provocative investigation into how market power hurts average working people, The Profit Paradox also offers concrete solutions for fixing the problem and restoring a healthy economy.
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.