Affiliation:
1. Kellogg School of Management, Northwestern University, Evanston, IL 60208 (email: )
2. Kellogg School of Management, Northwestern University, Evanston, IL 60208, and NBER (email: )
Abstract
Recent work on macroeconomic trends has emphasized slowing capital investment, but strong business profits and valuations. The retail sector is a microcosm of these trends, and accounts for a large share of the increase in aggregate business concentration also observed in recent years. We show that, in that sector, weak investment and rising concentration are associated with rising productivity. Additionally, stronger productivity is correlated with intangible investment, both over time and across subindustries. Intangible investment may thus provide a joint explanation for rising productivity, weak capital investment, and increasing industry concentration.
Publisher
American Economic Association
Cited by
53 articles.
订阅此论文施引文献
订阅此论文施引文献，注册后可以免费订阅5篇论文的施引文献，订阅后可以查看论文全部施引文献
1. The US-China race for technological centrality: A network perspective;Structural Change and Economic Dynamics;2024-12
2. Employer Dominance and Worker Earnings in Finance;The Review of Corporate Finance Studies;2024-07-25
3. Big Tech Dominance Despite Global Mistrust;IEEE Transactions on Computational Social Systems;2024-06
4. Data and the Aggregate Economy;Journal of Economic Literature;2024-06-01
5. Information Technology and Returns to Scale;American Economic Review;2024-06-01