Labour Share Developments in OECD Countries Over the Past Two Decades
Évolution de la part du travail dans les pays de l’OCDE au cours des deux dernières décennies
Mathilde Pak (),
Pierre-Alain Pionnier () and
Cyrille Schwellnus
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Mathilde Pak: OECD, Economics Department
Pierre-Alain Pionnier: OECD, Statistics Directorate
Cyrille Schwellnus: OECD, Economics Department
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Abstract:
Over the past two decades, real wage growth in many OECD countries has decoupled from labour productivity growth, as labour income shares have declined. This paper analyses the drivers of labour share developments using a combination of industry‑ and firm‑level data. Technological change in the investment goods‑producing sector and greater global value chain participation have compressed labour shares, but the effect of technological change has been significantly less pronounced for high‑skilled workers. Countries with falling labour shares have witnessed both a decline at the technological frontier and a reallocation of market shares toward "superstar" firms with low labour shares. The decline at the technological frontier mainly reflects the entry of firms with low labour shares into the frontier rather than a decline of labour shares in incumbent frontier firms, suggesting that thus far this process is mainly explained by technological dynamism rather than anti‑competitive forces.
Keywords: superstar firms; public policies; skills; global value chains; labor share; chaînes de valeur mondiales; entreprises superstars; part du travail; qualifications; politiques publiques (search for similar items in EconPapers)
Date: 2019
Note: View the original document on HAL open archive server: https://insee.hal.science/hal-05296286v1
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Published in Economie et Statistique / Economics and Statistics, 2019, 510-511-512, pp.17-34. ⟨10.24187/ecostat.2019.510t.1992⟩
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05296286
DOI: 10.24187/ecostat.2019.510t.1992
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