A vast literature seeks to measure and explain the apparent decline in the labor share in
national income that has occurred in recent times in the United States and elsewhere. The …

Labor markets are not perfectly competitive: Monopsony power enables employers to pay
workers less than the marginal revenue product of labor. We review three theoretical …

Generative artificial intelligence (AI) holds the potential to either complement workers by
enhancing their productivity or substitute them. We examine the short-term effects of the …

From the Industrial Revolution to the age of artificial intelligence, The Technology Trap takes
a sweeping look at the history of technological progress and how it has radically shifted the …

As national political fights are waged at the state level, democracy itself pays the price Over
the past generation, the Democratic and Republican parties have each become nationally …

In this article, we document and discuss salient features of collective bargaining systems in
the OECD countries, with the goal of debunking some misconceptions and myths and …

From the author of Bowling Alone and Our Kids, a “sweeping yet remarkably
accessible”(The Wall Street Journal) analysis that “offers superb, often counterintuitive …

Rising profitability and market valuations of US businesses, sluggish wage growth and a
declining labor share of income, and reduced unemployment and inflation, have defined the …

This article considers the recent literature on firm markups in light of both new and classic
work in the field of industrial organization. We detail the shortcomings of papers that rely on …

We attempt to understand potential common forces behind rising market concentration and a
slowdown in business dynamism in the US economy, through a micro-founded general …