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The Fall of the Labor Share and the Rise of Superstar Firms
TLDR
In this paper, the authors analyzed micro panel data from the U.S. Economic Census since 1982 and international sources and document empirical patterns to assess a new interpretation of the fall in the labor share based on the rise of "superstar firms."Citations
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Political Activism and Market Power
TL;DR: Using data on firms' government relations staff, and two distinct empirical settings, the authors show that political activism enables firms to grow their market power and documented increases in profit margins and market share persist for up to two years, and are concentrated among large politically active firms.
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Revenue diversion, the allocation of talent, and income distribution
Jess Benhabib,Mildred Hager +1 more
TL;DR: An equilibrium model of “revenue diversion” by management and its effects on talent allocation and the earnings distribution is studied, allowing management to divert from both workers and capital, and also complementarity between workers and management.
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How has labour market power evolved? Comparing labour market monopsony in Peru and the United States
Ekkehard Ernst,Jorge Dávalos +1 more
TL;DR: In this paper, the extent and evolution of labour market power by employers on the US and Peruvian labour markets during the 2010s was studied. And they showed that differences in cross-sectional market power are significant and higher than variations over the ten-year time span of their data.
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Automation, Taxes And Transfers With International Rivalry
Rod Tyers,Yixiao Zhou +1 more
TL;DR: This paper examined the long-term, global consequences of policies that foster automation or address the distributional consequences of it, using a six-region global macro model, and found that the fostering of automation is a dominant strategy under all but the Rawlsian criterion.
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Growing by the Masses - Revisiting the Link between Firm Size and Market Power
TL;DR: This paper developed a model of firm dynamics with endogenous customer acquisition and variable markups, which revealed large welfare and efficiency losses due to (mis)allocation of customers across firms, and showed that by increasing market concentration among the most productive firms, the efficient allocation achieves 11% higher aggregate productivity and 15% higher output.
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About Capital in the Twenty-First Century
TL;DR: In this article, the authors present three key facts about income and wealth inequality in the long run emerging from my book, Capital in the Twenty-First Century, and seek to sharpen and refocus the discussion about those trends.
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The China Syndrome: Local Labor Market Effects of Import Competition in the United States
TL;DR: This paper analyzed the effect of Chinese import competition between 1990 and 2007 on US local labor markets, exploiting cross-market variation in import exposure stemming from initial diffe cerence to US labor markets.
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Industry Structure, Market Rivalry, and Public Policy
TL;DR: In this article, the authors take a critical view of contemporary doctrine in this area and present data which suggest that this doctrine offers a dangerous base upon which to build a public policy toward business.
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Market Size, Trade, and Productivity
TL;DR: In this article, the authors develop a monopolistically competitive model of trade with firm heterogeneity in terms of productivity differences and endogenous differences in the "toughness" of competition across markets.
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Computing Inequality: Have Computers Changed the Labor Market?
TL;DR: The authors examined the effect of technological change and other factors on the relative demand for workers with different education levels and on the recent growth of U.S. educational wage differentials and found that the increase in demand shifts for more-skilled workers in the 1970s and 1980s relative to the 1960s is entirely accounted for by an increase in within- industry changes in skill utilization rather than between-industry employment shifts.