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The stability of the labor share of income is a key foundation in macroeconomic models. We document, however, that the global labor share has significantly declined since the early 1980s, with the decline occurring within the large majority of countries and industries. We show that the decrease in the relative price of investment goods, often attributed to advances in information technology and the computer age, induced firms to shift away from labor and toward capital. The lower price of investment goods explains roughly half of the observed decline in the labor share, even when we allow for other mechanisms influencing factor shares such as increasing profits, capital-augmenting technology growth, and the changing skill composition of the labor force. We highlight the implications of this explanation for welfare and macroeconomic dynamics."> <META NAME="keywords" CONTENT=""> <META NAME="jel_code" CONTENT="E21; E22; E25"> <META NAME="author" CONTENT="Loukas Karabarbounis & Brent Neiman"> <META NAME="author_shortid" CONTENT="pka357; pne85"> <META NAME="title" CONTENT="The Global Decline of the Labor Share"> <META NAME="download" CONTENT="1"> <META NAME="freedownload" CONTENT="1"> <META NAME="date" CONTENT="2013-02-02"> <META NAME="citation_publication_date" CONTENT="2013/06"> <META NAME="citation_authors" content="Loukas Karabarbounis; Brent Neiman"> <META NAME="citation_title" content="The Global Decline of the Labor Share"> <META NAME="citation_abstract" content="The stability of the labor share of income is a key foundation in macroeconomic models. We document, however, that the global labor share has significantly declined since the early 1980s, with the decline occurring within the large majority of countries and industries. We show that the decrease in the relative price of investment goods, often attributed to advances in information technology and the computer age, induced firms to shift away from labor and toward capital. The lower price of investment goods explains roughly half of the observed decline in the labor share, even when we allow for other mechanisms influencing factor shares such as increasing profits, capital-augmenting technology growth, and the changing skill composition of the labor force. We highlight the implications of this explanation for welfare and macroeconomic dynamics."> <META NAME="citation_publisher" content="National Bureau of Economic Research, Inc"> <META NAME="citation_journal_title" content="NBER Working Papers"> <META NAME="citation_keywords" content=""> <META NAME="citation_abstract_html_url" content="https://ideas.repec.org/p/nbr/nberwo/19136.html"> <META NAME="citation_abstract_pdf_url" content="https://ideas.repec.org/p/nbr/nberwo/19136.html"> <META NAME="redif-type" content="paper"> <META NAME="citation_type" content="redif-paper"> <META NAME="citation_technical_report_number" content="19136"> <META NAME="citation_year" content="2013"> <META NAME="twitter:card" content="summary_large_image"> <META NAME="twitter:site" content="@repec_org"> <META NAME="twitter:title" content="The Global Decline of the Labor Share, by Loukas Karabarbounis; Brent "> <META NAME="twitter:description" content="The stability of the labor share of income is a key foundation in macroeconomic models. 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We document, however, that the global labor share has significantly declined since the early 1980s, with the dec"> <META PROPERTY="og:url" content="https://ideas.repec.org//p/nbr/nberwo/19136.html"> <META PROPERTY="og:image" content="https://ideas.repec.org/cgi-bin/twimage.cgi?p&nbr:nberwo:19136"> <script type="application/ld+json"> { "@context": "http://schema.org", "@graph": [ { "@id": "#periodical", "@type": "Periodical", "name": "NBER Working Papers", "publisher": "National Bureau of Economic Research, Inc", "url": "https://ideas.repec.org/s/nbr/nberwo.html", "requiresSubscription": "false" }, { "@id": "#number", "@type": "PublicationIssue", "datePublished": "2013-06", "issueNumber": "19136" }, { "@id": "#article", "@type": "ScholarlyArticle", "name": "The Global Decline of the Labor Share", "url": "https://ideas.repec.org//p/nbr/nberwo/19136.html", "description": "The stability of the labor share of income is a key foundation in macroeconomic models. We document, however, that the global labor share has significantly declined since the early 1980s, with the decline occurring within the large majority of countries and industries. We show that the decrease in the relative price of investment goods, often attributed to advances in information technology and the computer age, induced firms to shift away from labor and toward capital. The lower price of investment goods explains roughly half of the observed decline in the labor share, even when we allow for other mechanisms influencing factor shares such as increasing profits, capital-augmenting technology growth, and the changing skill composition of the labor force. 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href="#author-abstract" role="tab" aria-controls="author-abstract" aria-selected="true">Author & abstract</a> </li> <li class="nav-item"> <a class="nav-link download-tab" id="download-tab" data-toggle="tab" href="#download" role="tab" aria-controls="download" aria-selected="false">Download & other version</a> </li> <li class="nav-item"> <a class="nav-link" id="refs-tab" data-toggle="tab" href="#refs" role="tab" aria-controls="refs" aria-selected="false">17 References</a> </li> <li class="nav-item"> <a class="nav-link" id="cites-tab" href="/r/nbr/nberwo/19136.html" role="tab" aria-controls="cites" aria-selected="false">924 Citations</a> </li> <li class="nav-item"> <a class="nav-link" id="mrel-tab" data-toggle="tab" href="#mrel" role="tab" aria-controls="mrel" aria-selected="false">Most related</a> </li> <li class="nav-item"> <a class="nav-link" id="more-tab" data-toggle="tab" href="#more" role="tab" aria-controls="more" aria-selected="false">Related works & more</a> </li>  <li class="nav-item"> <a class="nav-link" id="correct-tab" data-toggle="tab" href="#correct" role="tab" aria-controls="correct" aria-selected="false">Corrections</a> </li> </ul> <div class="tab-content" id="myTabContent"> <div class="tab-pane fade show active" id="author-abstract" role="tabpanel" aria-labelledby="author-abstract-tab"> <h2>Author</h2> <div id="author-body"> <div id="authortable"> <div id="listed-authors">Listed: <ul id="authorlist"><li class="authorname">Loukas Karabarbounis</li> <li class="authorname">Brent Neiman</li> </ul></div><div id="registered-authors"> <a href="https://authors.repec.org/">Registered:</a> <ul id="authorregistered"><li><a href="/f/pka357.html">Loukas Karabarbounis </A></li> <li><a href="/e/pne85.html">Brent Neiman </A></li> </ul> </div> </div> </div> <h2 style="clear:left">Abstract</h2><div id="abstract-body">The stability of the labor share of income is a key foundation in macroeconomic models. We document, however, that the global labor share has significantly declined since the early 1980s, with the decline occurring within the large majority of countries and industries. We show that the decrease in the relative price of investment goods, often attributed to advances in information technology and the computer age, induced firms to shift away from labor and toward capital. The lower price of investment goods explains roughly half of the observed decline in the labor share, even when we allow for other mechanisms influencing factor shares such as increasing profits, capital-augmenting technology growth, and the changing skill composition of the labor force. We highlight the implications of this explanation for welfare and macroeconomic dynamics.</div> <h2>Suggested Citation</h2> <div id="biblio-body"> <LI class="list-group-item downfree"> Loukas Karabarbounis & Brent Neiman, 2013. "<B><A HREF="/p/nbr/nberwo/19136.html">The Global Decline of the Labor Share</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 19136, National Bureau of Economic Research, Inc. </li> Handle: <i style="word-break:break-all">RePEc:nbr:nberwo:19136</i> <br>Note: EFG IFM ME <form method="post" action="/cgi-bin/refs.cgi" enctype="multipart/form-data" target="refs" class="form-inline" role="form" style="margin-bottom: 10px;"> <input type="hidden" name="handle" value="RePEc:nbr:nberwo:19136"> <div class="pull-left" style="padding-right: 2px;"> <input type="submit" class="btn btn-default fa" name="ref" value="Export reference "> as </div> <div class="col-xs-8" style="padding-left: 0;"> <select name="output" size="1"> <option value="0">HTML</option> <option value="0.5">HTML with abstract</option> <option value="1">plain text</option> <option value="1.5">plain text with abstract</option> <option value="2">BibTeX</option> <option value="3">RIS (EndNote, RefMan, ProCite)</option> <option value="4">ReDIF</option> <option value="6">JSON</option> </select> </div> </form></div> </div> <div class="tab-pane fade" id="download" role="tabpanel" aria-labelledby="download-tab"> <h2>Download full text from publisher</h2><p></p> <FORM METHOD=GET ACTION="/cgi-bin/get_doc.pl" target="_blank"> <INPUT TYPE=HIDDEN NAME="urn" VALUE="RePEc:nbr:nberwo:19136"><INPUT TYPE="radio" NAME="url" VALUE="http://www.nber.org/papers/w19136.pdf" checked><B>File URL:</B> <span style="word-break:break-all">http://www.nber.org/papers/w19136.pdf</span><BR><B>Download Restriction:</B> no<BR> <font size="+2" color="red">---><INPUT TYPE="SUBMIT" class="btn fa" VALUE="Download the selected file " style="color:white;background-color:#2d4e8b;"><---</font></FORM><P><h2>Other versions of this item:</h2> <div class="publishedas"><UL><LI class="list-group-item downgate"> Brent Neiman, 2014. "<B><A HREF="https://ideas.repec.org/a/oup/qjecon/v129y2014i1p61-103.html">The Global Decline of the Labor Share</A></B>," <A HREF="https://ideas.repec.org/s/oup/qjecon.html">The Quarterly Journal of Economics</A>, President and Fellows of Harvard College, vol. 129(1), pages 61-103. </UL></div> </div> <div class="tab-pane fade" id="refs" role="tabpanel" aria-labelledby="refs-tab"><h2>References listed on IDEAS</h2><form method="post" action="/cgi-bin/refs.cgi" enctype="multipart/form-data" target="refs" class="form-inline" role="form" style="margin-bottom: 10px;"> <input type="hidden" name="handle" value="repec:aea:aecrev:v:100:y:2010:i:4:p:1330-57#repec:bpj:bejmac:v:contributions.3:y:2003:i:1:n:9#repec:upf:upfgen:374#repec:eee:moneco:v:47:y:2001:i:1:p:93-121#repec:nbr:nberwo:16043#repec:cuf:wpaper:568#repec:cuf:journl:y:2013:v:14:i:1:n:6:barro#repec:cmf:wpaper:wp1999_9905#repec:bpj:bejmac:v:contributions.4:y:2004:i:1:n:4#repec:fip:fedfwp:2006-17#repec:nbr:nberwo:5326#repec:bpj:globdv:v:3:y:2013:i:2:p:1-18:n:3#repec:aea:aecrev:v:78:y:1988:i:3:p:402-17#repec:red:sed006:785#repec:fip:fedgif:593#repec:fth:cemfdt:9905#repec:ucp:jpolec:v:110:y:2002:i:2:p:458-474#repec:nbr:nberwo:9701#repec:aea:aejmac:v:3:y:2011:i:2:p:29-74#repec:wil:wileco:2001-11#repec:cpr:ceprdp:1958#repec:fip:fedfwp:2010-18#repec:hrv:faseco:3196325#repec:nbr:nberwo:8120#repec:fip:fedhwp:wp-03-15#repec:igi:igierp:187#repec:kap:jecgro:v:5:y:2000:i:1:p:87-120#repec:eee:eecrev:v:46:y:2002:i:6:p:963-991#repec:ecb:ecbwps:20091001#repec:eee:moneco:v:57:y:2010:i:8:p:931-948#repec:cpr:ceprdp:2713#repec:nbr:nberwo:18154#repec:hdr:papers:hdrp-2010-36#repec:fip:fedfpr:y:2003:i:nov:x:5#repec:oup:qjecon:v:118:y:2003:i:3:p:879-907.#repec:aea:aecrev:v:97:y:2007:i:3:p:562-585#repec:ucp:jpolec:v:114:y:2006:i:3:p:413-451"> <div class="pull-left" style="padding-right: 2px;"> <input type="submit" class="btn btn-default fa" name="ref" value="Export references "> as </div> <div class="col-xs-8" style="padding-left: 0;"> <select name="output" size="1"> <option value="0">HTML</option> <option value="0.5">HTML with abstract</option> <option value="1">plain text</option> <option value="1.5">plain text with abstract</option> <option value="2">BibTeX</option> <option value="3">RIS (EndNote, RefMan, ProCite)</option> <option value="4">ReDIF</option> <option value="6">JSON</option> </select> </div> </form> <ol class="list-group"><LI class="list-group-item downfree"> Robert J. Barro, 2013. "<B><A HREF="/a/cuf/journl/y2013v14i1n6barro.html">Inflation and Economic Growth</A></B>," <A HREF="/s/cuf/journl.html">Annals of Economics and Finance</A>, Society for AEF, vol. 14(1), pages 121-144, May. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Robert J. Barro, 1995. "<B><A HREF="/p/nbr/nberwo/5326.html">Inflation and Economic Growth</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 5326, National Bureau of Economic Research, Inc. <LI class="list-group-item downfree"> Robert J. Barro, 2012. "<B><A HREF="/p/cuf/wpaper/568.html">Inflation and Economic Growth</A></B>," <A HREF="/s/cuf/wpaper.html">CEMA Working Papers</A> 568, China Economics and Management Academy, Central University of Finance and Economics. </UL></div> <LI class="list-group-item downgate"> Olivier Blanchard & Francesco Giavazzi, 2003. "<B><A HREF="/a/oup/qjecon/v118y2003i3p879-907..html">Macroeconomic Effects of Regulation and Deregulation in Goods and Labor Markets</A></B>," <A HREF="/s/oup/qjecon.html">The Quarterly Journal of Economics</A>, President and Fellows of Harvard College, vol. 118(3), pages 879-907. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Olivier Blanchard & Francesco Giavazzi, "undated". "<B><A HREF="/p/igi/igierp/187.html">Macroeconomic effects of regulation and deregulation in goods and labor markets</A></B>," <A HREF="/s/igi/igierp.html">Working Papers</A> 187, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. <LI class="list-group-item downfree"> Olivier Blanchard & Francesco Giavazzi, 2001. "<B><A HREF="/p/nbr/nberwo/8120.html">Macroeconomic Effects of Regulation and Deregulation in Goods and Labor Markets</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 8120, National Bureau of Economic Research, Inc. <LI class="list-group-item downgate"> Blanchard, Olivier & Giavazzi, Francesco, 2001. "<B><A HREF="/p/cpr/ceprdp/2713.html">Macroeconomic Effects of Regulation and Deregulation in Goods and Labour Markets</A></B>," <A HREF="/s/cpr/ceprdp.html">CEPR Discussion Papers</A> 2713, C.E.P.R. Discussion Papers. </UL></div> <LI class="list-group-item downgate"> Jonas D. M. Fisher, 2006. "<B><A HREF="/a/ucp/jpolec/v114y2006i3p413-451.html">The Dynamic Effects of Neutral and Investment-Specific Technology Shocks</A></B>," <A HREF="/s/ucp/jpolec.html">Journal of Political Economy</A>, University of Chicago Press, vol. 114(3), pages 413-451, June. <LI class="list-group-item downgate"> Douglas Gollin, 2002. "<B><A HREF="/a/ucp/jpolec/v110y2002i2p458-474.html">Getting Income Shares Right</A></B>," <A HREF="/s/ucp/jpolec.html">Journal of Political Economy</A>, University of Chicago Press, vol. 110(2), pages 458-474, April. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Douglas Gollin, 2001. "<B><A HREF="/p/wil/wileco/2001-11.html">Getting Income Shares Right</A></B>," <A HREF="/s/wil/wileco.html">Department of Economics Working Papers</A> 2001-11, Department of Economics, Williams College. </UL></div> <LI class="list-group-item downfree"> John Fernald & Brent Neiman, 2011. "<B><A HREF="/a/aea/aejmac/v3y2011i2p29-74.html">Growth Accounting with Misallocation: Or, Doing Less with More in Singapore</A></B>," <A HREF="/s/aea/aejmac.html">American Economic Journal: Macroeconomics</A>, American Economic Association, vol. 3(2), pages 29-74, April. <div class="otherversion"><UL> <LI class="list-group-item downfree"> John G. Fernald & Brent Neiman, 2003. "<B><A HREF="/p/fip/fedhwp/wp-03-15.html">Measuring productivity growth in Asia: do market imperfections matter?</A></B>," <A HREF="/s/fip/fedhwp.html">Working Paper Series</A> WP-03-15, Federal Reserve Bank of Chicago. <LI class="list-group-item downfree"> John G. Fernald & Brent Neiman, 2010. "<B><A HREF="/p/fip/fedfwp/2010-18.html">Growth accounting with misallocation: Or, doing less with more in Singapore</A></B>," <A HREF="/s/fip/fedfwp.html">Working Paper Series</A> 2010-18, Federal Reserve Bank of San Francisco. <LI class="list-group-item downnone"> John Fernald & Brent Neiman, 2006. "<B><A HREF="/p/red/sed006/785.html">Measuring the Miracle: Market Imperfections and Asia's Growth Experience</A></B>," <A HREF="/s/red/sed006.html">2006 Meeting Papers</A> 785, Society for Economic Dynamics. <LI class="list-group-item downfree"> John Fernald & Brent Neiman, 2010. 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"<B><A HREF="/a/eee/moneco/v47y2001i1p93-121.html">Relative prices and investment rates</A></B>," <A HREF="/s/eee/moneco.html">Journal of Monetary Economics</A>, Elsevier, vol. 47(1), pages 93-121, February. <LI class="list-group-item downgate"> Ríos-Rull, José-Víctor & Santaeulàlia-Llopis, Raül, 2010. 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"<B><A HREF="/p/ecb/ecbwps/20111294.html">The normalized CES production function: theory and empirics</A></B>," <A HREF="/s/ecb/ecbwps.html">Working Paper Series</A> 1294, European Central Bank. </UL></div> <LI class="list-group-item downgate"> Paul Maarek & Elsa Orgiazzi, 2020. "<B><A HREF="/a/oup/wbecrv/v34y2020i1p232-257..html">Development and the Labor Share</A></B>," <A HREF="/s/oup/wbecrv.html">The World Bank Economic Review</A>, World Bank, vol. 34(1), pages 232-257. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Paul Maarek & Elsa Orgiazzi, 2015. "<B><A HREF="/p/ema/worpap/2015-09.html">Development and the labor share</A></B>," <A HREF="/s/ema/worpap.html">THEMA Working Papers</A> 2015-09, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise. <LI class="list-group-item downnone"> Paul Maarek & Elsa Orgiazzi, 2020. "<B><A HREF="/p/hal/journl/hal-02486011.html">Development and the Labor Share</A></B>," <A HREF="/s/hal/journl.html">Post-Print</A> hal-02486011, HAL. </UL></div> <LI class="list-group-item downfree"> Loukas Karabarbounis & Brent Neiman, 2014. "<B><A HREF="/a/red/ecodyn/v15y2014i2agenda.html">The Research Agenda: Loukas Karabarbounis and Brent Neiman on the Evolution of Factor Shares</A></B>," <A HREF="/s/red/ecodyn.html">EconomicDynamics Newsletter</A>, Review of Economic Dynamics, vol. 15(2), November. <LI class="list-group-item downgate"> Paul Maarek & Elsa Orgiazzi, 2013. "<B><A HREF="/a/bla/econom/v80y2013i319p566-588.html">Currency Crises and the Labour Share</A></B>," <A HREF="/s/bla/econom.html">Economica</A>, London School of Economics and Political Science, vol. 80(319), pages 566-588, July. <div class="otherversion"><UL> <LI class="list-group-item downnone"> Paul Maarek & Elsa Orgiazzi, 2013. "<B><A HREF="/p/hal/journl/halshs-00868894.html">Currency Crises and the Labour Share</A></B>," <A HREF="/s/hal/journl.html">Post-Print</A> halshs-00868894, HAL. </UL></div> </ol> </div> <div class="tab-pane fade" id="more" role="tabpanel" aria-labelledby="more-tab"> <H2> More about this item</H2><H3><A HREF="/j/">JEL</A> classification:</h3> <UL> <LI><A HREF="/j/E21.html"><B>E21</B></A> - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth</LI> <LI><A HREF="/j/E22.html"><B>E22</B></A> - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity</LI> <LI><A HREF="/j/E25.html"><B>E25</B></A> - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution</LI> </UL><P> <h3>NEP fields</h3> This paper has been announced in the following <A HREF="http://nep.repec.org/">NEP Reports</A>: <UL><LI><A HREF="/n/nep-lab/2013-06-16.html">NEP-LAB-2013-06-16</A> (Labour Economics)</LI> <LI><A HREF="/n/nep-mac/2013-06-16.html">NEP-MAC-2013-06-16</A> (Macroeconomics)</LI> <LI><A HREF="/n/nep-opm/2013-06-16.html">NEP-OPM-2013-06-16</A> (Open Economy Macroeconomics)</LI> <LI><A HREF="/n/nep-pke/2013-06-16.html">NEP-PKE-2013-06-16</A> (Post Keynesian Economics)</LI> </UL> <h3>Statistics</h3> <A HREF="http://logec.repec.org/scripts/paperstat.pl?h=RePEc:nbr:nberwo:19136">Access and download statistics</A> </div>  <div class="tab-pane fade" id="correct" role="tabpanel" aria-labelledby="correct-tab"> <h2>Corrections</H2> <P>All material on this site has been provided by the respective publishers and authors. 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