Fall of the Labor Share and the Rise of Superstar Firms ...
I. Introduction. Much research documents a decline in the share of GDP going to labor in many nations over recent decades (, Blanchard 1997; Elsby, Hobijn, and Sahin 2013; Karabarbounis and Neiman 2013; Piketty 2014). Dao et al. (2017) point to a decline in the labor share between 1991 and 2014 in 29 large countries that account for about twothirds of world GDP in 2014.