Arbeitspapier
The Productivity Slowdown and the Declining Labor Share: A Neoclassical Exploration
We explore the possibility that a global productivity slowdown is responsible for the widespread decline in the labor share of national income. In a neoclassical growth model with endogenous human capital accumulation à la Ben Porath (1967) and capital-skill complementarity à la Grossman et al. (2017), the steady-state labor share is positively correlated with the rates of capital-augmenting and labor-augmenting technological progress. We calibrate the key parameters describing the balanced growth path to U.S. data for the early postwar period and find that a one percentage point slowdown in the growth rate of per capita income can account for between one half and all of the observed decline in the U.S. labor share.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 6714
- Klassifikation
-
Wirtschaft
Economic Growth and Aggregate Productivity: General
- Thema
-
neoclassical growth
balanced growth
technological progress
capital-skill complementarity
labor share
capital share
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Grossman, Gene
Helpman, Elhanan
Oberfield, Ezra
Sampson, Thomas
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2017
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Grossman, Gene
- Helpman, Elhanan
- Oberfield, Ezra
- Sampson, Thomas
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2017
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