Labor Share Decline and the Capitalization of Intellectual Property Products

Yu Zheng, Raul Santaeulalia-Llopis () and Dongya Koh

No 844, 2015 Meeting Papers from Society for Economic Dynamics

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.

Date: 2015
New Economics Papers: this item is included in nep-ipr and nep-pr~
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