Labor Share Decline and the Capitalization of Intellectual Property Products

Yu Zheng · Raül Santaeulàlia-Llopis · Dongya Koh

11 citations0/0 files storedRePEc: Research Papers in Economics

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Economic Theory and Policy Labor market dynamics and wage inequality Economic Growth and Productivity

Abstract

We study the behavior of the US labor share over the past 65 years using new data from the post-2013 revision of the national income and product accounts and the fixed assets tables capitalizing intellectual property products (IPP). We find that IPP capital entirely explains the observed decline of the US labor share, which otherwise is secularly constant over the past 65 years for structures and equipment capital. The labor share decline simply reflects the fact that the US economy is undergoing a transition toward a larger IPP sector.

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References

2014Capital in the Twenty-First Century 2013The China Syndrome: Local Labor Market Effects of Import Competition in the United States 2013The Global Decline of the Labor Share*1957A Model of Economic Growth 2000Capital-skill Complementarity and Inequality: A Macroeconomic Analysis 2002Getting Income Shares Right 1986Theory ahead of business-cycle measurement 2014Capital is Back: Wealth-Income Ratios in Rich Countries 1700–2010 *

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