Over the past two decades, real median wage growth (実質中央値賃金成長) in many OECD countries has decoupled(分離された) from labour productivity growth, partly reflecting declines in labour income shares(一部は労働所得シェアの低下を反映して). This paper analyses the drivers of labour share developments(労働シェアの進展[変化]の推進要素) using a combination of industry-and firm-level data. Technological change in the investment goods-producing sector(投資財生産部門の技術変化) and greater global value chain participation(より巨大な地球規模のヴァリューチェーンへの参加) have compressed(押し込む) labour shares, but the effect of technological change has been significantly less pronounced(顕著←pronounce：発音する・宣言する) for high-skilled workers(技術進歩の高熟練労働者への(負の？)効果ははっきりしない). Countries with falling labour shares have witnessed(目撃する→経験する[目の当たりにするって感じか]) both a decline at the technological frontier(技術的尖端からの脱落(？←減退)，技術フロンティアの低落？？生産性フロンティア？) and a reallocation of market shares toward “superstar” firms with low labour shares(低労働シェアの総取り優秀企業への市場シェアの再配分) (“winner-takes-most” dynamics). The decline at the technological frontier mainly reflects the entry of firms with low labour shares into the frontier rather than a decline of labour shares in incumbent frontier firms, suggesting that thus far(此迄の所) this process is mainly explained by technological dynamism rather than anti-competitive forces(反競争的力？→独占力？).
