Labour share developments over the past two decades: The role of technological progress, globalisation and "winner-takes-most" dynamics
Over the past two decades, real median wage growth in many OECD countries has decoupled from labour productivity growth, partly reflecting declines in labour income shares. This paper analyses the drivers of labour share developments using a combination of industry- and firm-level data. Technologica...
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| Main Author: | |
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| Other Authors: | , , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2018
|
| Series: | OECD Economics Department Working Papers
no.1503 |
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | Over the past two decades, real median wage growth in many OECD countries has decoupled from labour productivity growth, partly reflecting declines in labour income shares. This paper analyses the drivers of labour share developments using a combination of industry- and firm-level data. Technological change in the investment goods-producing sector and greater global value chain participation have compressed labour shares, but the effect of technological change has been significantly less pronounced for high-skilled workers. Countries with falling labour shares have witnessed both a decline at the technological frontier and a reallocation of market shares toward "superstar" firms with low labour shares ("winner-takes-most" dynamics). The decline at the technological frontier mainly reflects the entry of firms with low labour shares into the frontier rather than a decline of labour shares in incumbent frontier firms, suggesting that thus far this process is mainly explained by technological dynamism rather than anti-competitive forces. |
| Physical Description: | 1 Online-Ressource (58 Seiten) |
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| spelling | Schwellnus, Cyrille VerfasserIn aut Labour share developments over the past two decades The role of technological progress, globalisation and "winner-takes-most" dynamics Cyrille, Schwellnus ... [et al] Paris OECD Publishing 2018 1 Online-Ressource (58 Seiten) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1503 Over the past two decades, real median wage growth in many OECD countries has decoupled from labour productivity growth, partly reflecting declines in labour income shares. This paper analyses the drivers of labour share developments using a combination of industry- and firm-level data. Technological change in the investment goods-producing sector and greater global value chain participation have compressed labour shares, but the effect of technological change has been significantly less pronounced for high-skilled workers. Countries with falling labour shares have witnessed both a decline at the technological frontier and a reallocation of market shares toward "superstar" firms with low labour shares ("winner-takes-most" dynamics). The decline at the technological frontier mainly reflects the entry of firms with low labour shares into the frontier rather than a decline of labour shares in incumbent frontier firms, suggesting that thus far this process is mainly explained by technological dynamism rather than anti-competitive forces. Economics Pak, Mathilde MitwirkendeR ctb Pionnier, Pierre-Alain MitwirkendeR ctb Crivellaro, Elena MitwirkendeR ctb |
| spellingShingle | Schwellnus, Cyrille Labour share developments over the past two decades The role of technological progress, globalisation and "winner-takes-most" dynamics Economics |
| title | Labour share developments over the past two decades The role of technological progress, globalisation and "winner-takes-most" dynamics |
| title_auth | Labour share developments over the past two decades The role of technological progress, globalisation and "winner-takes-most" dynamics |
| title_exact_search | Labour share developments over the past two decades The role of technological progress, globalisation and "winner-takes-most" dynamics |
| title_full | Labour share developments over the past two decades The role of technological progress, globalisation and "winner-takes-most" dynamics Cyrille, Schwellnus ... [et al] |
| title_fullStr | Labour share developments over the past two decades The role of technological progress, globalisation and "winner-takes-most" dynamics Cyrille, Schwellnus ... [et al] |
| title_full_unstemmed | Labour share developments over the past two decades The role of technological progress, globalisation and "winner-takes-most" dynamics Cyrille, Schwellnus ... [et al] |
| title_short | Labour share developments over the past two decades |
| title_sort | labour share developments over the past two decades the role of technological progress globalisation and winner takes most dynamics |
| title_sub | The role of technological progress, globalisation and "winner-takes-most" dynamics |
| topic | Economics |
| topic_facet | Economics |
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