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We are economists and thinkers from a range of disciplines who challenge conventional wisdom and advance ideas to better serve society.

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We develop research that challenges economic orthodoxy and serves society.

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Commentary, analysis, interviews, and research summaries by INET-affiliated writers.

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Through the Young Scholars Initiative (YSI), INET provides support to students, young professionals, or others who embrace new and critical ways of thinking about the economy. YSI fosters conversation among those who wish to engage with new economic thinking and connects young scholars to the Institute’s vast network of economists.

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The Causes of Falling Wage Share and Prospects for Growth with Equality in a Globalized Economy

Inequality & Distribution | Labor

This research project analyzes the determinants of wage share, taking account of country-specific institutional aspects, in order to contribute to the theory of distribution, combining insights from political economy, institutional economics, and industrial relations.

There has been a significant decline in the share of wages in GDP in both
developed and developing countries since the 1980s. This was accompanied by another trend towards greater inequality in personal income distribution, particularly by increases in income shares of the top 1% of the distribution. These developments indicate a clear reversal of the trends towards relatively egalitarian income distribution during the post-war era. Empirically, this project estimates the effects of both firm- and sector-specific factors and macroeconomic factors and decomposes the effects of technological change, globalization, labor market institutions, financialization, changes in the composition of government spending, rise in personal income inequality, and market concentration. The research fills the gaps in the literature by developing more detailed measures of welfare state retrenchment, financialization, globalization, and bargaining power.

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Leaders

Years granted: 2013