增长下降和租金上涨的理论

A Theory of Falling Growth and Rising Rents

作者：

彼得·J·克洛诺（Peter J. Klenow）

菲利普·阿基翁（Philippe Aghion）

安东宁·伯格多（Antonin Bergeaud）

蒂莫·波帕特（Timo Boppart）

Growth has fallen in the U.S., while firm concentration and profitshave risen. Meanwhile, labor’s share of national income is down, mostlydue to the rising market share of low labor share firms. We propose atheory for these trends in which the driving force is falling firm-level costsof spanning multiple markets, perhaps due to accelerating IT advances. Inresponse, the most efficient firms spread into new markets, therebygenerating a temporary burst of growth. Because their efficiency isdifficult to imitate, less efficient firms find their markets more difficult toenter profitably and innovate less. Even the most efficient firms do lessinnovation eventually because they are more likely to compete with eachother if they try to expand further.
美国的增长下降了，而公司的集中度和利润却增加了。同时，劳动力在国民收入中所占的份额下降了，这主要是由于低劳动份额公司的市场份额上升。我们针对这些趋势提出了一种理论，其中驱动力是跨多个市场的公司层面的成本下降，这可能是由于ICT的发展加速所致。作为回应，最有效率的公司扩展到新市场，从而产生了短暂的增长。由于效率很难被模仿，效率低下的公司会发现他们的市场更难以进入盈利和创新的领域。即使是效率最高的公司，最终也会进行较少的创新，因为如果他们尝试进一步扩展，它们更有可能相互竞争。