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    Technology, Market Regulations, and Labor Share Dynamics

    O’Mahony, Mary; Vecchi, Michela; Venturini, Francesco | December 2018
    Abstract
    We investigate the causes of the decline in the labor share, exploring the effect of technology vis-à-vis the role of market regulations, namely employment protection legislation, product market regulation, and intellectual property rights (IPR) protection. Our results show that, in the long run, productivity upgrades and information and communication technology capital diffusion are major sources of the decline in the labor share. IPR protection is the only dimension of the institutional setting that affects (positively) the share of industry income accruing to labor. Our results also show that hysteresis characterizes the dynamics of the labor share in all countries. This further corroborates the idea that institutional differences are not the main source of variation in labor share movements, as the negative trend is common to countries with different regulatory settings.
    Citation
    O’Mahony, Mary; Vecchi, Michela; Venturini, Francesco. 2018. Technology, Market Regulations, and Labor Share Dynamics. © Asian Development Bank Institute. http://hdl.handle.net/11540/9370.
    Keywords
    Development Economics
    Regional Economic Development
    Economic Impact
    Asian Development Bank
    Development
    Macroeconomic
    Macroeconomic Analysis
    Macroeconomic Framework
    Macroeconomic Models
    Macroeconomic Performance
    Macroeconomic Planning
    Macroeconomic Policies
    Macroeconomic Reform
    Macroeconomic Stabilization
    Economies in transition
    Economic agreements
    Development indicators
    ADB
    Economic development
    Gross domestic product
    Employment
    Economic forecast
    Economic indicators
    Growth models
    Gross domestic product
    Macroeconomics
    Economic forecast
    Social condition
    Economic dependence
    Economic assistance
    Technology assessment
    Comparative economics
    Regional economics
    Economic development projects
    Open price system
    Price fixing
    Price regulation
    Consumer price indexes
    Financial crisis
    Labor economics
    Regional economics
    Turnover
    Economic survey
    Income Distribution
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    Citable URI
    http://hdl.handle.net/11540/9370
    Metadata
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    Author
    O’Mahony, Mary
    Vecchi, Michela
    Venturini, Francesco
    Theme
    Economics
    Development
    Labor Migration
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise