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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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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.
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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.
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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.
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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.
References
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The Determinants of Distribution of the National Income
TL;DR: In this paper, the authors investigated both statistically and analytically the problem of the relative share of manual labour in the national income and found that what statistics give as the total share of labour does not represent correctly the distribution of the product of industry between profits and interest on the one hand and wages and salaries on the other.
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Frontier Firms, Technology Diffusion and Public Policy: Micro Evidence from OECD Countries
TL;DR: This article analyzed the characteristics of firms that operate at the global productivity frontier and their relationship with other firms in the economy, focusing on the diffusion of global productivity gains and the policies that faciliate it.
ReportDOI
Investment-less Growth: An Empirical Investigation
TL;DR: In this paper, the authors analyze private fixed investment in the U.S. over the past 30 years and show that investment is weak relative to measures of profitability and valuation, particularly Tobin's Q, and that this weakness starts in the early 2000's.
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Micro Data and Macro Technology
Ezra Oberfield,Devesh Raval +1 more
TL;DR: This article studied the implications of microeconomic heterogeneity for aggregate technology, showing that the aggregate elasticity of substitution between capital and labor can be expressed as a simple function of plant level structural parameters and sufficient statistics for plant heterogeneity.