Superstar Firms, Knowledge Transfer, and Labor Income Share
Industrial revolutions are characterized by investment and depreciation of tangible and intangible capital that embodies new and legacy technology whose ability to add value is dependent on creative destruction across business organizations, worker cohorts, and governments as new products and services are launched, new business models are created, and existing business processes are transformed.
In this chapter, two critical features of industrial revolutions are examined—(1) knowledge transfers and absorptive capacity and (2) changing capital and labor income shares with a shifting income distribution. Both differ fundamentally over the course of each industrial revolution ...
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