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 …

Researchers' interest in monopsony has increased in recent years. This article reviews the
accumulating evidence that employers have considerable monopsony power. It summarizes …

This paper quantifies employer market power in US manufacturing and how it has changed
over time. Using administrative data, we estimate plant-level markdowns—the ratio between …

I discuss the recent literature that has led to new interest in the idea of monopsonistic wage
setting. Building on advances in search theory and in models of differentiated products …

We study the impact of artificial intelligence (AI) on labor markets using establishment-level
data on the near universe of online vacancies in the United States from 2010 onward. There …

American markets, once a model for the world, are giving up on competition. Thomas
Philippon blames the unchecked efforts of corporate lobbyists. Instead of earning profits by …

The fall of labor's share of GDP in the United States and many other countries in recent
decades is well documented but its causes remain uncertain. Existing empirical …

A product market is concentrated when a few firms dominate the market. Similarly, a labor
market is concentrated when a few firms dominate hiring in the market. Using data from the …

We develop, estimate, and test a tractable general equilibrium model of oligopsony with
differentiated jobs and concentrated labor markets. We estimate key model parameters by …

Using detailed data on skill requirements in online vacancies, we estimate the demand for AI
specialists across occupations, sectors, and firms. We document a dramatic increase in the …