Labor Share Decline and the Capitalization of Intellectual Property Products | Zendy

Dongya Koh | Zendy; Raül Santaeulàlia-Llopis | Zendy; Yu Zheng | Zendy

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Labor Share Decline and the Capitalization of Intellectual Property Products

Author(s) -

Dongya Koh,

Raül Santaeulàlia-Llopis,

Yu Zheng

Publication year - 2014

Publication title -

ssrn electronic journal

Language(s) - English

Resource type - Journals

ISSN - 1556-5068

DOI - 10.2139/ssrn.2546974

Subject(s) - capitalization , intellectual property , business , property (philosophy) , labour economics , economics , law , political science , philosophy , epistemology , linguistics

We study the behavior of the US labor share over the past 65 years. We find that intellectual property products (IPP) capital entirely accounts for the observed decline of the US labor share, which otherwise is secularly constant for structures and equipment capital. The decline of the labor share reflects that the US is undergoing a transition to a more IPP capital-intensive economy. This result has essential implications for the US macroeconomic model.

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