A Theory of Falling Growth and Rising Rents

IF 5.9 1区经济学 Q1 ECONOMICS

Review of Economic Studies Pub Date : 2023-02-20 DOI:10.1093/restud/rdad016

Philippe Aghion, Antonin Bergeaud, Timo Boppart, Peter J Klenow, Huiyu Li

引用次数: 2

Abstract

Abstract Growth has fallen in the U.S. 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 linking these trends in which the driving force is falling overhead costs of spanning multiple products or a rising efficiency advantage of large firms. In response, the most efficient firms (with higher markups) spread into new product lines, thereby increasing concentration and generating a temporary burst of growth. Eventually, due to greater competition from efficient firms, within-firm markups and incentives to innovate fall. Thus our simple model can generate qualitative patterns in line with the observed trends.

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增长下降和租金上升的理论

随着企业集中度的上升，美国的经济增长有所下降。市场份额已经转移到低劳动力份额的公司，而公司内部的劳动力份额实际上已经上升。我们提出了一个联系这些趋势的理论，其中驱动力是跨越多种产品的管理费用下降或大公司效率优势的提高。作为回应，效率最高的公司(利润率较高)扩展到新的产品线，从而提高了集中度，产生了暂时的增长。最终，由于来自高效企业的竞争加剧，企业内部的加价和创新激励会下降。因此，我们的简单模型可以生成符合观察趋势的定性模式。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Economic Studies ECONOMICS-

CiteScore

10.40

自引率

3.40%

发文量

期刊介绍： Founded in 1933 by a group of young British and American economists, The Review of Economic Studies aims to encourage research in theoretical and applied economics, especially by young economists. Today it is widely recognised as one of the core top-five economics journals. The Review is essential reading for economists and has a reputation for publishing path-breaking papers in theoretical and applied economics. The Review is committed to continuing to publish strong papers in all areas of economics. The Editors aim to provide an efficient and high-quality review process to the Review''s authors. Where articles are sent out for full review, authors receive careful reports and feedback. Since 1989 The Review has held annual May Meetings to offer young students in economics and finance the chance to present their research to audiences in Europe.