A Theory of Falling Growth and Rising Rents
| العنوان: | A Theory of Falling Growth and Rising Rents |
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| المؤلفون: | Philippe Aghion, Antonin Bergeaud, Timo Boppart, Peter J Klenow, Huiyu Li |
| المصدر: | Review of Economic Studies. |
| بيانات النشر: | Oxford University Press (OUP), 2023. |
| سنة النشر: | 2023 |
| مصطلحات موضوعية: | Economics and Econometrics |
| الوصف: | 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. |
| تدمد: | 1467-937X 0034-6527 |
| DOI: | 10.1093/restud/rdad016 |
| URL الوصول: | https://explore.openaire.eu/search/publication?articleId=doi_________::e8ddfd2f8167567918f22d4bda599563 https://doi.org/10.1093/restud/rdad016 |
| Rights: | CLOSED |
| رقم الانضمام: | edsair.doi...........e8ddfd2f8167567918f22d4bda599563 |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 1467937X 00346527 |
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| DOI: | 10.1093/restud/rdad016 |