BROOKINGSINSTITUTION PRODUCTIVEEQUITY:TheTwinChallenges OfRevivingProductivityandReducingInequality FACTSHEET TECHNOLOGY isthe DominantdriverofPRODUCTIVITYandlivingstandards - Innovationisobservedallaroundus *Technologyapplicationsappearhighlyproduct

*Top 8multinational technology firms account for ~33% of market capitalization of 100 most valuable firms globally, as of 2017 *New competitive entry declined in the United States and OECD countries generally United States 1982 2013 New Firms (under 5 years old) ~50% 33% Total Employment in new firms ~20% 10% EMPLOYMENT INCOME - Share of income to Labor declined from mid 60% in 2000 to mid 50% in. [...] earned 215% of the wages of a high school grad in 2016 (155% in 1980) *Financial sector employees representing 1 in 25 workers, were 1 in 5 of the top 1% of earners in Europe *U. [...] top 1% received 8% of national income in early 1980’s; almost 20% in 2012 – less extreme elsewhere *Top 0.1% rose from 2.5% to over 10% *Top 1% globally captured approximately 80% of the growth in wealth in 2017. [...] S.: *3 people own more than the bottom 160 million inhabitants; *the top 1% held 50% of the stock and mutual fund assets in 2013; *the top 10% held over 90% of such assets REDISTRIBUTION - Capacities and impact of redistribution are reduced by political values, policies & tax cuts *Redistribution in advanced economies offset 60% of the increase of market inequality from 1985 to 1995; between 1995. [...] *In OECD countries personal income tax progressivity was reduced - top rate from 62% in 1981 to 35% in 2015 *Corporate rates in advanced economies fell from an average of 45% in 1990 to 26% in 2015.