productivity-labor_share   10

The Changing Composition of Productivity Growth | The Growth Economics Blog - Nov 2015
After the post I did recently on profit shares and productivity calculations, I’ve been picking around the BLS, OECD, and Penn World Tables methodologies for…
Instapaper  US_economy  economic_growth  productivity  productivity-labor_share  investment  Great_Recession  stagnation  from instapaper
november 2015 by dunnettreader
Andrew Haldane: Labour's Share - speech to TUC | Bank of England - Nov 2015 - via Brad DeLong
Good overview of recent work on last 300 years by economic historians and technology impact projections -- lots on internal structural shifts within "labor" and vis a vis capital -- downloaded pdf to Note
speech  economic_history  labor_history  labor_share  Labor_markets  wages  productivity  productivity-labor_share  unemployment  skills  services  AI  IT  unions  UK_economy  monetary_policy  macroeconomic_policy  public_sector  Industrial_Revolution 
november 2015 by dunnettreader
Ravi Kanbur, Joseph Stiglitz - Wealth and income distribution: New theories needed for a new era | VOX, CEPR’s Policy Portal - 18 August 2015
Growth theories traditionally focus on the Kaldor-Kuznets stylised facts. Ravi Kanbur and Nobelist Joe Stiglitz argue that these no longer hold; new theory is needed. The new models need to drop competitive marginal productivity theories of factor returns in favour of rent-generating mechanism and wealth inequality by focusing on the ‘rules of the game.’ They also must model interactions among physical, financial, and human capital that influence the level and evolution of inequality. A third key component will be to capture mechanisms that transmit inequality from generation to generation. -- short and sweet summary of the various gaps in standard models and where both new explanatory and normative work needed -- also see references -- downloaded as pdf to Note
paper  economic_growth  economic_theory  economic_models  capital  productivity-labor_share  production  macroeconomics  distribution-wealth  distribution-income  inequality  inequality-wealth  labor_share  wages  inequality-opportunity  downloaded 
september 2015 by dunnettreader
JW Mason - The Slack Wire: The End of the Supermanager? - June 2015
Like Larry at EPI, he finds the new highly heralded paper that claims the growth of inequality has been principally between firms rather than between "classes" -- some of the results don't fully pass the smell test e.g. that different sectors don't appear to be an important variable, which doesn't square with what we know about the financial services industry. More interesting is breaking down "sources" of income for those at the top of the income distribution pyramid, and what's been happening with the mix of sources. There was a huge spurt in CEO compensation "from labor" from, say $1M to $10M. Then since c. 2000, it's dropped back down to $5M. So the continued process of the lion's share of growth in GNP going to the tippy-top is now increasingly income from wealth, not "labor". A pattern to chew on, but it further complicates the claims of the paper that we're seeing inequality emerge from n apparently less nefarious process than rampant greed of superstars. It's inter-firm competition, the benefits of which the lower orders participate in via higher compensation than peers in less competitive firms.
Instapaper  US_economy  economic_history  post-Cold_War  21stC  inequality  inequality-wealth  executive_compensation  competition  Innovation  labor_share  productivity  productivity-labor_share  from instapaper
june 2015 by dunnettreader
William Lazonick - Stock buybacks: From retain-and reinvest to downsize-and-distribute | Brookings Institution - April 2015
Stock buybacks are an important explanation for both the concentration of income among the richest households and the disappearance of middle-class employment opportunities in the United States over the past three decades. Over this period, corporate resource-allocation at many, if not most, major U.S. business corporations has transitioned from “retain-and-reinvest” to “downsize-and-distribute,” says William Lazonick in a new paper.
paper  US_economy  capital_markets  capitalism  investment  R&D  corporate_governance  corporate_finance  buybacks  shareholder_value  short-termism  incentives-distortions  labor_share  productivity  productivity-labor_share  inequality  wages  unemployment  downloaded 
may 2015 by dunnettreader
Alan Manning - Shifting the Balance of Power: Workers, Wages and Employers over the Next Parliament | Resolution Foundation - April 2015
Professor of Economics in the Department of Economics and Director of the Community Programme at the Centre for Economic Performance at the LSE -- 40 years ago an improving labour market and prices rising faster than wages would have led trade unions to march into the boardroom demanding higher wages and threatening strike action if those demands were not met. Pretty soon, union leaders would have been invited round to Number 10 for beer and sandwiches to be cajoled into wage moderation to prevent an inflationary spiral taking hold. A lot has changed in the past 40 years.These days the Prosecco remains in the fridge and David Cameron used a speech to the British Chambers of Commerce in February to urge pay rises for workers, a somewhat surprising sight. But, there is a simple explanation. Since the crisis began, the average British worker has suffered a fall in living standards deeper and longer than anything experienced for more than a generation. The recent drop in oil prices and the resulting lower inflation will offer some respite but not much. -- Comparing the situation now and 40 years ago, it is hard to escape the conclusion that there has been a fundamental shift in the balance of power from workers to employers and that perhaps this shift has gone too far and it is time to redress the balance somewhat. -- copied to Pocket
article  political_economy  UK_economy  labor_history  Labor_markets  unemployment  wages  profit  productivity  productivity-labor_share  inequality  unions  British_politics  standard_of_living  employers  working_class  competition  Pocket 
april 2015 by dunnettreader
Nitzan, Jonathan - From Olson to Veblen: The Stagflationary Rise of Distributional Coalitions (1992) | bnarchives
Paper read at the annual meeting of the History of Economics Society. Fairfax, Virginia. 1-2 June (1992). pp. 1-75. -- This essay deals with the relationship between stagflation and the process of restructuring. The literature dealing with the interaction of stagnation and inflation is invariably based on some explicit or implicit assumptions about economic structure, but there are very few writings which concentrate specifically on the link between the macroeconomic phenomenon of stagflation and the process of structural change. Of the few who dealt with this issue, we have chosen to focus mainly on two important contributors – Mancur Olson and Thorstein Veblen. The first based his theory on neoclassical principles, attempting to demonstrate their universality across time and place. The second was influenced by the historical school and concentrated specifically on the institutional features of modern capitalism. Despite the fundamental differences in their respective frameworks, both writers arrive at a similar conclusion, namely, that the phenomenon of stagflation is inherent in the dynamic evolution of collective economic action, particularly in the rise and consolidation of 'distributional coalitions.' -- Keywords: absentee ownership, intangible assets, big business, bonds, capital, accumulation, capitalism, collective action, collusion, corporation, credit, degree of monopoly, distributional coalitions, excess capacity, finance, immaterial wealth, income distribution, industry, inflation, institutions, interest, labour, liabilities, machine process, material wealth, neoclassical economics, normal rate of return, power, price, profit, productivity, property, sabotage, scarcity, stagnation, stagflation, stocks, tangible assets, technology, United States, value
paper  US_economy  economic_history  economic_theory  institutional_economics  Veblen  political_economy  Olson_Mancur  public_choice  collective_action  capital  capitalism  power  power-asymmetric  business-and-politics  interest_groups  interest_rates  interest_rate-natural  profit  corporate_ownership  managerialism  industry  production  productivity  productivity-labor_share  sabotage-by_business  distribution-income  distribution-wealth  wealth  asset_prices  financial_system  credit  competition  monopolies  oligopoly  prices  inflation  stagnation  property  technology  capital_markets  antitrust  neoclassical_economics  change-economic  change-social  levels_of_analyis  mesolevel  microfoundations  downloaded  EF-add 
october 2014 by dunnettreader
Nitzan, Jonathan - LSE Public Event: Can Capitalists Afford Recovery? -- Video and Paper (May 2014) | bnarchives
Presentation at the LSE Department of International Relations. 27 May 2014. -- Theorists and policymakers from all directions and of all persuasions remain obsessed with the prospect of recovery. For mainstream economists, the key question is how to bring about such a recovery. For heterodox political economists, the main issue is whether sustained growth is possible to start with. But there is a prior question that nobody seems to ask: can capitalists afford recovery in the first place? If we think of capital not as means of production but as a mode of power, we find that accumulation thrives not on growth and investment, but on unemployment and stagnation. And if accumulation depends on crisis, why should capitalists want to see a recovery? -- Video duration: 2:24 hours -- Keywords: crisis, differential accumulation, economic policy, economic theory, expectations, growth, income distribution, Keynesianism, Marxism, monetarism, neoclassical economics, profit, underconsumption -- Subjects: BN State & Government, BN Power, BN Region - North America, BN Business Enterprise, BN Value & Price, BN Crisis, BN Production, BN Macro, BN Conflict & Violence, BN Money & Finance, BN Ideology, BN Distribution, BN Methodology, BN Capital & Accumulation, BN Policy, BN Class, BN Labour, BN Growth -- links to LSE on YouTube -- downloaded pdf to Note
paper  video  Great_Recession  financial_crisis  economic_growth  capital_as_power  capitalism-systemic_crisis  economic_theory  economic_models  macroeconomics  neoclassical_economics  Keynesian  Marxist  monetarism  monetary_policy  fiscal_policy  austerity  sovereign_debt  public_finance  public_policy  productivity  production  consumer_demand  underconsumption  investment  profit  productivity-labor_share  distribution-income  distribution-wealth  finance_capital  financialization  capitalization  accumulation  accumulation-differential  elites-self-destructive  elite_culture  ruling_class  class_conflict  Labor_markets  inequality  unemployment 
october 2014 by dunnettreader
David H. Ciscel - The Living Wage Movement: Building a Political Link from Market Wages to Social Institutions | JSTOR: Journal of Economic Issues, Vol. 34, No. 2 (Jun., 2000), pp. 527-535
Plus çà change - even in the good times of the 1990s boom, low wages were not keeping up with maintaining minimum living standards without supplemental government assistance -- Looks at attempts in late 1990s to build political pressure for an increased minimum wage - already the low end service sector was seeing growing between their stagnant wages and growing GNP, with gains going to upper cohorts. Special issues already including (1) service sector jobs with lots of women, so degraded status, (2) outsourcing of jobs that would have been low end civil service, reducing both pay and benefits plus job security. Gives a history of the periodic movements for defining minimum wage levels to incorporate the costs of reproducing the labor force, from health care, child care, nutrition etc. Early 20thC movement was for a "family wage" pushed by unions, but problems for feminists that the focus on family defined women's roles in the home as part of determining what employment should produce as base compensation for maintaining the family, with women's work uncompensated. Short article, didn't download
article  jstor  economic_history  political_economy  economic_culture  US_economy  20thC  Progressive_Era  1990s  wages  wages-minimum  women-work  feminism  feminist_economics  unions  inequality  Democrats  productivity-labor_share  gender_gap  alliances-political  movements-political  US_politics  poor-working  poverty 
september 2014 by dunnettreader

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