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Analysis on the Determinants of Labor Share and Its Policy Implications

Author

Listed:
  • Baek, Yaein

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Han, Minsoo

    (Department of International Trade, Inha University)

  • Kim, Wongi

    (Department of Economics, Sungshin Women’s University)

  • Kim, Hyunsuk

    (Int’l Macroeconomics Team, Int’l Macroeconomics & Finance Dept)

Abstract

There has been a significant decline in the global labor share, leading to numerous studies about the cause of this drop. The labor share is used as one of the main indicators of inequality because a decrease in the labor share can lead to aggravation of income inequality. This is because low-skilled workers can be greatly affected by such a decline in the labor share and the main source of in-come for the low-income class, including the self-employed, is labor income. Among various indicators of inequality, this study analyzes the determinants of the change in labor share. Technological changes such as adoption of robots, advancements in information and communications technology (ICT) and the Fourth Industrial Revolution (4IR) are expected to change the labor market. Hence, this study analyzes the impact of technological changes on labor share and suggests policy responses.(the rest omitted)

Suggested Citation

  • Baek, Yaein & Han, Minsoo & Kim, Wongi & Kim, Hyunsuk, 2023. "Analysis on the Determinants of Labor Share and Its Policy Implications," World Economy Brief 23-1, Korea Institute for International Economic Policy.
    • Handle: RePEc:ris:kiepwe:2023_001
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    Keywords

    Labor Share; Skill-biased Technological Change; Robots; Income Inequality;
    All these keywords.

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