DANTHINE, Jean-Pierre; DONALDSON, John B.; SICONOLFI, Paolo - Swiss Finance Institute - 2005
balance of power between workers and capital owners in labor relations. We show that this view implies that income share … variations represent a risk factor of ¯rst-order importance for the owners of capital and, consequently, are a crucial …In this paper we entertain the hypothesis that observed variations in income shares are the result of changes in the …