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Labor Share Decline and Intellectual Property Products Capital

Dongya Koh, Raul Santaeulalia-Llopis and Yu Zheng

No 927, Working Papers from Barcelona Graduate School of Economics

Abstract: We study the behavior of the US labor share over the past 65 years. We find that intellectual property products (IPP) capital accounts entirely for the observed decline of the US labor share, which is otherwise secularly constant for traditional capital (i.e., structures and equipment). The decline of the labor share reflects the fact that the US is undergoing a transition to a more IPP capital-intensive economy. This result has essential implications for the US macroeconomic model.

Keywords: labor share; intellectual property products; capital; 1999- and 2013-BEA revisions (search for similar items in EconPapers)
JEL-codes: E01 E22 E25 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ipr and nep-mac
Date: 2016-09
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Related works:
Working Paper: Labor Share Decline and Intellectual Property Products Capital (2018) Downloads
Working Paper: Labor share decline and intellectual property products capital (2015) Downloads
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