The labor share has been declining in the United States, and especially so in manufacturing. This paper investigates the role of capital accumulation and market power in explaining this decline. I ...

Kaldor put forward his technical progress function as an alternative to the neoclassical aggregate production function. It is shown that Verdoorn's law is its empirical counterpart, although allowing ...

Businesses hold large quantities of cash reserves, which have average returns well below their investments in tangible capital. Businesses do this because these monetary assets provide services. One ...