The Declining Worker Power Hypothesis: An Explanation for the Recent Evolution of the American Economy
提出工人权力下降是解释美国近年利润率上升、工资增长缓慢、劳动收入份额下降以及失业率和通胀率降低的统一原因，并使用个体、行业和州级数据验证了这一假说。
Rising profitability and market valuations of US businesses, sluggish wage growth and a declining labor share of income, and reduced unemployment and inflation have defined the macroeconomic environment of the last generation. This paper offers a unified explanation for these phenomena based on reduced worker power. Using individual, industry, and state-level data, we demonstrate that measures of reduced worker power are associated with lower wage levels, higher profit shares, and reductions in measures of the non-accelerating inflation rate of unemployment (NAIRU). We argue that the declining worker power hypothesis is more compelling as an explanation for observed changes than increases in firms' market power, both because it can simultaneously explain a falling labor share and a reduced NAIRU and because it is more directly supported by the data.