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Title: Declining Worker Power and American Economic Performance

Citation Type: Working Paper

Publication Year: 2020

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Abstract: Rising profitability and market valuations of US businesses, sluggish wage growth, and reduced unemployment and inflation, have defined the macroeconomic environment of the last generation – especially the period of recovery from the financial crisis. This paper offers a unified explanation for these phenomena based on reduced worker power, and argues that the declining worker power exploration is both most compelling on scientific grounds and is most usefully prescriptive for policy. In particular we present a variety of evidence that declining worker power explains more than increases in monopoly or monopsony power.

Url: https://www.brookings.edu/wp-content/uploads/2020/03/Stansbury-Summers-Conference-Draft.pdf

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Authors: Stansbury, Anna; Summers, Lawrence

Series Title: Brookings Papers on Economic Activity

Publication Number: 2020-03

Institution: Brookings Institute

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Data Collections: IPUMS CPS

Topics: Labor Force and Occupational Structure, Other

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