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The Declining Worker Power Hypothesis: An Explanation for the Recent Evolution of the American Economy
Brookings Papers on Economic Activity ( IF 7.914 ) Pub Date : 2021-04-06
Anna Stansbury, Lawrence H. Summers

Rising profitability and market valuations of US businesses, sluggish wage growth and a declining labor share of income, and reduced unemployment and inflation have defined the macroeconomic environment of the last generation. This paper offers a unified explanation for these phenomena based on reduced worker power. Using individual, industry, and state-level data, we demonstrate that measures of reduced worker power are associated with lower wage levels, higher profit shares, and reductions in measures of the non-accelerating inflation rate of unemployment (NAIRU). We argue that the declining worker power hypothesis is more compelling as an explanation for observed changes than increases in firms' market power, both because it can simultaneously explain a falling labor share and a reduced NAIRU and because it is more directly supported by the data.



中文翻译:

工人力量假说的下降:对美国经济最近演变的一种解释

美国企业的盈利能力和市场估值不断提高,工资增长缓慢,劳动收入所占比例下降,失业率和通货膨胀率下降,这已经定义了上一代的宏观经济环境。本文基于减少的工人力量为这些现象提供了统一的解释。通过使用个人,行业和州一级的数据,我们证明了降低工人力量的措施与较低的工资水平,较高的利润份额以及对失业率的非加速通胀率(NAIRU)的降低有关。我们认为,工人力量假设的下降比企业市场力量的增加更具说服力,因为它是对观察到的变化的解释,

更新日期:2021-04-06
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