Value without Employment

• 成果类型: Article; Early Access
• 署名作者: Barkai, Simcha; Panageas, Stavros
• 署名单位: Boston College; University of California System; University of California Los Angeles
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13505
• 发表日期: 2025
• 关键词: MARKET POWER; GROWTH; LABOR; INVESTMENT; DYNAMICS; displacement; decline; share; COSTS; FIRMS

摘要

Young firms' contribution to aggregate employment has been underwhelming. We show that a similar trend is not apparent, however, in their contribution to aggregate sales or stock market capitalization, implying that these firms have exhibited a high average-to-marginal revenue product of labor. We study the implications of a gradual shift in the average-to-marginal revenue product of labor within a model of dynamic firm heterogeneity. We show that this shift provides (i) a unified explanation for several aspects of the decline in dynamism and (ii) a possible explanation for why large declines in young-firm employment may have only a moderate effect on aggregate output and consumption.