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 …

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 …

We study the use and economic impact of AI technologies. We propose a new measure of
firm-level AI investments using employee resumes. Our measure reveals a stark increase in …

To date, little is known about the evolution of market power for the economies around the
world. We extract data from the financial statements of over 70,000 firms in 134 countries …

We document the evolution of market power based on firm-level data for the US economy
since 1955. We measure both markups and profitability. In 1980, aggregate markups start to …

We study the evolution of profits, investment, and market shares in US industries over the
past 40 years. During the 1990s, and at low levels of initial concentration, we find evidence …

Growth has fallen in the US amid a rise in firm concentration. Market share has shifted to low
labour share firms, while within-firm labour shares have actually risen. We propose a theory …