Imanzah Nurhidayat Civic Hacker WE DON’T HAVE SHARED VALUES WE ASPIRE TOO THE NECESSITY OF COMMON GOODS AND INCLUSIVE LOCALISM 

SPARKASSEN - SAVINGS BANK OPERATE UNDER PUBLIC LAW, REGULATED AS BANK 

THE IMPOSSIBILITY OF GOOD THEREFORE THE COMMON GOOD IS FALL APART 

WHAT STOPPED INDONESIA BECOMING ANOTHER GORBACHEV IF GORBY FAILED, WHAT ABOUT OUR (INDONESIA) INDUSTRY 4.0 ? 

WHERE DOES INDUSTRY 4.0 COME FROM 

SMALL FIRE REDUCE CONNECTIVITY 

Elements of a plan contd. Responsible sovereignty Civic nationalism and open national markets Inclusive localism COMPLEX SYSTEMS HAVE MECHANISM, NOT LEADERS The Third Pillar by Raghuram G. Rajan 

A community prepared for the society of tomorrow: inclusive localism „ Localism „ Community leadership; keeping and developing good people „ Local powers to foster engagement – e.g., school curricula, safety net „ Engagement – both direct and virtual: Pilsen and crime, See-Click-Fix „ Infrastructure – virtual and physical connectivity „ Funding -- decentralize WHERE ARE WE TO REDISCOVER SOME SEMBLANCE OF SHARED VALUES 

LABOR SHARES Labor Shares in Some Advanced Economies Gilbert Cette1, Lorraine Koehl2& Thomas Philippon3 September 2019, WP # 727 ABSTRACT We study the joint impact of three measurement issues in the empirical literature on the labor share: (i) start and end periods for the empirical analysis; (ii) accounting for self-employment; and (iii) accounting for residential real estate income. When we correct for these three potential biases, we do not find a general decline in the labor share in our sample of advanced economies. In that respect the behavior of the US labor share after 2000 presents a puzzle. Keywords: labor share, labor cost, value added sharing JEL classification: D33, D24, J33 1 Banque de France et Aix-Marseille School of Economics (AMSE), [email protected]; 2 INSEE, [email protected]; 3 New York University, [email protected]. The views expressed in this paper are the authors' and do not necessarily reflect those of their institutions. This document is available on publications.banque-france.fr/en = 1 − The labor share can decline because of higher markups (μ ↗) or because of capital bias technology (α ↗). When ≠ 1, changes in factor prices also affect the labor share. Karabarbounis and Neiman (2014) assume that > 1 and argue that R has decreased. In that case the increase in W/R implies a large demand for K relative to N and a drop in the labor share. There are three issues with this explanation. One issue is that empirical estimates of the substitution elasticity usually find values in the range of 0.4-0.8 (see for instance the literature survey and original estimates on plant level US data from Oberfield and Raval, 2014, or Raval, 2019, or the recent meta-analysis from Knoblach et al., 2019, using estimates from 77 studies on the US economy). The empirical consensus is a value below one for the elasticity of substitution. This elasticity might hide important heterogeneity across workers, however. In particular, capital might be a better substitute for unskilled labor than for skilled labor, which means that the Karabarbounis-Neiman argument might still be relevant even if the average elasticity is below one. The second issue is that the timing of the decrease in the relative price of investment does not 

LABOR SHARES 2 common wisdom is that there has been a global and gradual decline in the labor share over the past 30 or 40 years. For instance, Grossman et al. (2017) motivate their recent paper by writing that “unlike several of the other explanations for the decline in the labor share, ours does not rely on considerations that are specific to the United States. The shift in aggregate factor shares has been seen in the data for many countries, especially among the advanced countries.” Figure: Labor share – In % of the value added A – France 40 45 50 55 60 65 70 75 80 Total economy Business sector Business sector excluding real estate services Business sector excluding self- employment correction Non financial companies B – United States 40 45 50 55 60 65 70 75 80 Total economy Business sector Business sector excluding real estate services Business sector excluding self-employment correction Non financial companies Sources: Author’s calculation from national accounts. We emphasize three important biases that have plagued the existing literature: (i) start and end periods for the empirical analysis; (ii) accounting for self-employment; and (iii) Labor Shares in Some Advanced Economies Gilbert Cette1, Lorraine Koehl2& Thomas Philippon3 September 2019, WP # 727 ABSTRACT We study the joint impact of three measurement issues in the empirical literature on the labor share: (i) start and end periods for the empirical analysis; (ii) accounting for self-employment; and (iii) accounting for residential real estate income. When we correct for these three potential biases, we do not find a general decline in the labor share in our sample of advanced economies. In that respect the behavior of the US labor share after 2000 presents a puzzle. Keywords: labor share, labor cost, value added sharing JEL classification: D33, D24, J33 1 Banque de France et Aix-Marseille School of Economics (AMSE), [email protected]; 2 INSEE, [email protected]; 3 New York University, [email protected]. The views expressed in this paper are the authors' and do not necessarily reflect those of their institutions. This document is available on publications.banque-france.fr/en 

DIGNITY 

LOCALISM On August 6, 1806, the Holy Roman Empire was abolished. Goethe noted that day that the people staying in the same inn as him were far more interested in the quarrel between their coachman and the innkeeper than in its demise. - via Nassim Taleb 

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