Open AccessPosted Content
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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Automation and New Tasks: How Technology Displaces and Reinstates Labor
Daron Acemoglu,Pascual Restrepo +1 more
TL;DR: In this article, the authors present a framework for understanding the effects of automation and other types of technological changes on labor demand, and use it to interpret changes in US employment over the recent past.
Journal ArticleDOI
Concentrating on the Fall of the Labor Share
TL;DR: In this article, the authors discuss an explanation for the fall in share of labour in GDP based on the rise of "superstar firms" and find that sales will increasingly concentrate in a small number of firms and that industries where concentration rises most will have the largest declines in the labour share.
ReportDOI
Declining Competition and Investment in the U.S.
TL;DR: The U.S. business sector has under-invested relative to Tobin's Q since the early 2000's, and as discussed by the authors argue that declining competition is partly responsible for this phenomenon.
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The Missing Profits of Nations
TL;DR: In this paper, the authors estimate that close to 40% of multinational profits are shifted to low-tax countries each year by combining new macroeconomic statistics on the activities of multinational companies with the national accounts of tax havens and the world's other countries.
ReportDOI
Artificial Intelligence and Economic Growth
TL;DR: In this article, the authors examine the potential impact of artificial intelligence (A.I.) on economic growth and the division of income between labor and capital, and the linkages between A.I. and growth are mediated by firm-level considerations, including organization and market structure.
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Posted Content
Labor Market Concentration, Earnings Inequality, and Earnings Mobility
TL;DR: In this article, the effects of local industrial concentration on earnings outcomes within and across demographic groups were investigated using data from the Longitudinal Business Database and Form W-2, and they found that increased local concentration reduces earnings and increases inequality.
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Intangibles, Investment, and Efficiency
Nicolas Crouzet,Janice C. Eberly +1 more
TL;DR: The severity of the global financial crisis tended to obscure lower frequency macroeconomic trends over the last several decades as mentioned in this paper, and recent work examining the slow recovery from the financial crisis emphasizes trends in productivity and investment that predate the crisis itself.
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Mark-ups in the digital era
TL;DR: In this article, the authors examined the evolution of firm mark-ups across 26 countries for the period 2001-14 and investigated empirically how this can be related to the degree of digital transformation in sectors.
ReportDOI
Digital Innovation and the Distribution of Income
TL;DR: In this article, the authors argue that the growing importance of digital innovation has increased market rents, which benefit disproportionately the top income groups, leading to higher risk as only marginally superior products can take over the entire market, hence rendering market shares unstable.
Posted Content
Information Technology and Industry Concentration
Abstract: Industry concentration has been rising in the US since 1980. Firm operating margins have also been rising. Are these signs of declining competition that call for a new antitrust policy? This paper explores the role of proprietary information technology systems (IT), which could increase industry concentration and margins by raising the productivity of top firms relative to others. Using instrumental variable estimates, this paper finds that IT system use is strongly associated with the level and growth of industry concentration and firm operating margins. The paper also finds that IT system use is associated with relatively larger establishment size and labor productivity for the top four firms in each industry. Successful IT systems appear to play a major role in the recent increases in industry concentration and in profit margins, moreso than a general decline in competition.