We investigate the decline of the labour share in a world characterized by increasing heterogeneity of capital assets. Our results show that, over the 1970-2007 period, the decline of the labour share has been mainly driven by Information and Communication Technology (ICT) assets and is mitigated by increasing investments in R&Dbased knowledge assets. Extending to other forms of intangible capital from 1995 onwards, we find that intangible investments related to innovation increase the labour share while those related to the organisation of firms contribute to its decline, particularly for the low and intermediate skilled workers. Our results are robust to an array of econometric issues, namely heterogeneity, cross-sectional dependence, and endogeneity

中文翻译：

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资本异质性与劳动份额下降

我们调查了以资本资产异质性增加为特征的世界中劳动力份额的下降。我们的研究结果表明，在 1970-2007 年期间，劳动力份额的下降主要是由信息和通信技术 (ICT) 资产驱动的，并通过增加对研发知识资产的投资来缓解。从 1995 年开始扩展到其他形式的无形资本，我们发现与创新相关的无形投资增加了劳动力份额，而与企业组织相关的无形资本则导致其下降，尤其是对中低技术工人而言。我们的结果对一系列计量经济学问题是稳健的，即异质性、横截面依赖性和内生性