The largest payment of its kind, it made up 6% of the increase in Americans' personal income that year.
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Yet to understand how things like trade and GDP evolve, tracking the biggest companies is essential.
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Each country trades with hundreds of other countries across hundreds of industries, producing thousands of country-industry trade links.
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These kinds of firm-specific shocks are typically excluded from economists' models, which assume that individual businesses' ups and downs tend to cancel each other out.
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At first sight, the numbers seem to justify taking a top-down view.
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The Goliaths, The Economist, June 22ed,2013
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Examples of how big firms can have a big impact do not come much starker.
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Because economies are built of millions of firms and trading relationships, each seems like a speck of dust: individual companies and export channels should not matter.
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In December 2004 Microsoft paid a massive $33 billion dividend to its shareholders.
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The business world is huge: America has around 27m firms, Britain 4.8m.
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The global network runs to the millions.
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a workers' strike at one firm is not enough, but a general strike is.
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This suggests that only common shocks can explain aggregate fluctuations:
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Common shocks (to whole countries or global industries) explain only 45% of the variations.
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Yet aggregate shocks do not explain volatility very well.
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The data show that the picture of trade as millions of links is inaccurate;
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in fact, flows are extremely concentrated. Most links are unimportant.
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Hunting for the cause of the other 55% of trade fluctuations, the authors used finer data on 8260 country-industry "flows"(59 industries and 140 trading partners) for each OECD member.
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A 2007 Bank of Spain paper studies OECD countries' trade balances.
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For America 99% of trade flows accounted for just 25% of trade.
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But a few are vital: for the average OECD country the 25 main country-industry flows explain two-thirds of trade, and the 100 largest 85%. Thank you.
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