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Perspectives on the Labor Share

Loukas Karabarbounis

No 31854, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: As of 2022, the share of U.S. 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.

JEL-codes: D2 D33 E0 J2 (search for similar items in EconPapers)
Date: 2023-11
New Economics Papers: this item is included in nep-com and nep-lma
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Published as Loukas Karabarbounis, 2024. "Perspectives on the Labor Share," Journal of Economic Perspectives, vol 38(2), pages 107-136.

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