Recent Declines in Labor's Share in US Income: A Preliminary Neoclassical Account
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https://www.nber.org/papers/w21296
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As shown in the 1930s by Hicks and Robinson the elasticity of substitution (`sigma`) is a key parameter that captures whether capital and labor are gross complements or substitutes. Establishing the magnitude of `sigma` is vital, not only for explaining changes in the distribution of income between
提供机构：
美国国家经济研究局
创建时间：
2015-06-01
