arbeidskosten omlaag als % van het BNP

Loukas Karabarbounis and Brent Neiman of the University of Chicago  reckon that the cost of investment goods, relative to consumption goods, has dropped 25% over the past 35 years. Woody Brock has about the same calculation. That made it attractive for firms to swap labour for software whenever possible, which has contributed to a decline in the labour share of five percentage points. In places and industries where the cost of investment goods fell by more, the drop in the labour share was correspondingly larger. Is is the main reason for the decline of labour income versus profits