Labor Share Decline and Intellectual Property Products Capital

Dongya Koh, Raül Santaeulàlia-Llopis, Yu Zheng

Econometrica · 2020 · Volume 88 · Issue 6

Abstract

We study the behavior of the U.S. labor share over the past 90 years. We find that the observed decline of the labor share is entirely explained by the capitalization of intellectual property products in the national income and product accounts.

Keywords

Labor share, intellectual property products, capital, 1999- and 2013-BEA revisions

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