@article{Technological:4004,
      recid = {4004},
      author = {Traina, James Alexander},
      title = {Labor Market Power and Technological Change in U.S.  Manufacturing},
      publisher = {University of Chicago},
      school = {Ph.D.},
      address = {2022-06},
      pages = {67},
      abstract = {We estimate plant-level production functions with Census  microdata to document rising labor market power in the US  manufacturing sector: production workers were paid their  marginal revenue product in 1972, but only half this amount  by 2014. The aggregate labor wedge emerges because  marginal-revenue-product growth accelerates, while wage  growth remains stable. At the plant level, labor wedges  negatively predict labor shares, consistent with the  hypothesis that labor market power helps account for the  decline of the US manufacturing labor share. Testing  mega-/superstar firm hypotheses and existing macroeconomic  models, we find mixed evidence that labor market power is  related to labor market concentration. By comparison, labor  market power is strongly correlated with direct measures of  information and communication technologies and indirect  measures of management and automation technologies. Our  results underscore technological change as a key driver of  labor market power through by influencing the effective  marginal cost of labor.},
      url = {http://knowledge.uchicago.edu/record/4004},
      doi = {https://doi.org/10.6082/uchicago.4004},
}