Declining Labor and Capital Shares

• 成果类型: Article
• 署名作者: Barkai, Simcha
• 署名单位: University of London; London Business School
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12909
• 发表日期: 2020
• 页码: 2421-2463
• 关键词: capacity utilization; US; INVESTMENT; returns

摘要

This paper presents direct measures of capital costs, equal to the product of the required rate of return on capital and the value of the capital stock. The capital share, equal to the ratio of capital costs and gross value added, does not offset the decline in the labor share. Instead, a large increase in the share of pure profits offsets declines in the shares of both labor and capital. Industry data show that increases in concentration are associated with declines in the labor share.