Perspectives on the Labor Share
截至2022年，美国劳动收入份额降至大萧条以来最低。本文更新数据，记录美国及其他国家、行业的劳动份额持续下降，探讨技术、市场变化对趋势的影响，并分析其与利润率上升、经济集中度提高、全球化的关系，最后讨论经济与政策含义。
As of 2022, the share of US income accruing to labor is at its lowest level since the Great Depression. Updating previous studies with more recent observations, I document the continuing decline of the labor share for the United States, other countries, and various industries. I discuss how changes in technology and product, labor, and capital markets affect the trend of the labor share. I also examine its relationship with other macroeconomic trends, such as rising markups, higher concentration of economic activity, and globalization. I conclude by offering some perspectives on the economic and policy implications of the labor share decline.