本文发现劳动份额偏低，且先下降而后上升，逆经济周期变化趋势比较明显。

We find the labor income share of the primary distribution is on the low side and presents the U-shape trend which is more remarkable against the economic cycle.

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因此我们可以得出劳动份额与通货膨胀之间的负相关关系，经验分析验证了本文的主要结论。

So we find that there is a negative correlation relationship between labor share in income and inflation, and the empirical evidence supports the main predictions of the model.

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人民担心不公平有充分的理由：自1999年以来家庭实际收入的中位数下降了，同时国家这个大蛋糕中的劳动份额已经缩水。

People are worried about inequality for good reason: real median household income has fallen since 1999, while Labour's share of the national pie has shrunk.

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