Declining Labor and Capital Shares
直接测算资本成本，发现资本份额与劳动份额同时下降，而纯利润份额大幅上升；行业数据显示集中度上升与劳动份额下降相关。
ABSTRACT This paper presents direct measures of capital costs, equal to the product of the required rate of return on capital and the value of the capital stock. The capital share, equal to the ratio of capital costs and gross value added, does not offset the decline in the labor share. Instead, a large increase in the share of pure profits offsets declines in the shares of both labor and capital. Industry data show that increases in concentration are associated with declines in the labor share.