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 …

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 …

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 …

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 …

Accumulating evidence points to the need for more vigorous antitrust enforcement in the
United States in three areas. First, stricter merger control is warranted in an economy where …

We collect data on the size distribution of US businesses for 100 years, and use these data
to estimate the concentration of production (eg, asset share or sales share of top …

Most product markets are local. The reason is simply that the transportation of goods and
people is costly so firms set up production plants, distribution centers, and stores close to …

This paper presents new evidence on industry concentration at both the country and the
world-region levels. It calculates country-level industry concentration measures from the …

A rich understanding of macro-economic outcomes requires taking into account the large
(and increasing) differences between firms. These differences stem in large part from …