Abstract
We study the behavior of the U.S. labor share over the past 90 years. We find that the observed decline of the labor share is entirely explained by the capitalization of intellectual property products in the national income and product accounts.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 2609-2628 |
| Number of pages | 20 |
| Journal | Econometrica |
| Volume | 88 |
| Issue number | 6 |
| DOIs | |
| State | Published - Nov 2020 |
Keywords
- 1999- and 2013-BEA revisions
- Labor share
- capital
- intellectual property products
ASJC Scopus subject areas
- Economics and Econometrics