Endogenous Technological Change and Wage Inequality in a Skill-constrained Economy PDF Download
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Author: University of Toronto. Department of Economics
Publisher: Department of Economics and Institute for Policy Analysis, University of Toronto
ISBN:
Category : Human capital
Languages : en
Pages : 29
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Author: University of Toronto. Department of Economics
Publisher: Department of Economics and Institute for Policy Analysis, University of Toronto
ISBN:
Category : Human capital
Languages : en
Pages : 29
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Author: Jens Rubart
Publisher: Springer Science & Business Media
ISBN: 3540699554
Category : Business & Economics
Languages : en
Pages : 212
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Book Description
The labor markets of important OECD countries show a similar picture: high wages and low unemployment for skilled workers and low wages but high unemployment for low-skilled workers. During the last 10 years this fact has been studied under the hypothesis of "skill-biased technological change" within the context of endogenous growth models. Recent research, however, has shown that the employment and wage differentials vary at business cycle frequencies.This book provides an empirical and theoretical examination of the short- and medium run impacts of technological advances on the employment and wages of workers which differ in their earned educational degree. Furthermore, by introducing labor market frictions and wage setting institutions the author shows the importance of such imperfections in order to replicate empirical facts. Due to the introduction of employment protection mechanisms and minimum wages the analysis accounts for key facts of continental European labor markets.
Author: Roberto A. De Santis
Publisher:
ISBN:
Category : Foreign trade and employment
Languages : en
Pages : 48
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Author: Hugo Hollanders
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Author: Gilles Saint-Paul
Publisher: Princeton University Press
ISBN: 140082477X
Category : Business & Economics
Languages : en
Pages : 206
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Book Description
Karl Marx predicted a world in which technical innovation would increasingly devalue and impoverish workers, but other economists thought the opposite, that it would lead to increased wages and living standards--and the economists were right. Yet in the last three decades, the market economy has been jeopardized by a worrying phenomenon: a rise in wage inequality that has left a substantial portion of the workforce worse off despite the continuing productivity growth enjoyed by the economy. Innovation and Inequality examines why. Studies have firmly established a link between this worrying trend and technical change, in particular the rise of new information technologies. In Innovation and Inequality, Gilles Saint-Paul provides a synthetic theoretical analysis of the most important mechanisms by which technical progress and innovation affect the distribution of income. He discusses the conditions under which skill-biased technical change may reduce the wages of the least skilled, and how improvements in information technology allow "superstars" to increase the scale of their activity at the expense of less talented workers. He shows how the structure of demand changes as the economy becomes wealthier, in ways that may potentially harm the poorest segments of the workforce and economy. An essential text for graduate students and an indispensable resource for researchers, Innovation and Inequality reveals how different categories of workers gain or lose from innovation, and how that gain or loss crucially depends on the nature of the innovation.
Author: Oded Galor
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 64
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Author: Thomas Michael Steger
Publisher:
ISBN:
Category :
Languages : en
Pages :
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In his paper ''Looking Back, Looking Ahead: Biased Technological Change, Substitution and the Wage Gap'' Theo van de Klundert employs a two-goods, two-factors general equilibrium model, applying the powerful "hat calculus technique" introduced by Meade (1961), to study the determinants of the wage gap. The main result is summarized by his Eq. (18), which shows that the change in the wage gap can be decomposed into four components: (i) the effect due to changes in the relative factor supply; (ii) the effect due to factor-biased technological change; (iii) the effect due to a change in goods demand resulting from income growth; and (iv) the effect due to a change in goods demand resulting from goods substitution. This kind of analysis is very important and truly instructive. The recent literature on the wage gap (or the skill premium) has offered a bunch of explanations for the observation of rising wage inequality in the USA over the period 1960-1990. However, the interplay between sectoral change driven by technological factors and sectoral change driven by preferences has hardly been discussed in this context. This is surprising to the extent that there are a number of models on sectoral change and economic growth, which could be used to investigate the importance of preferences and technological factors for the evolution of the skill premium (e.g. Kongsamut et al., 2001; Foellmi and Zweimueller, 2006). My main point is to illustrate that van de Klundert's (2007) contribution is not only instructive when it comes to understanding the economic forces behind the rise in the skill premium. It also has the potential to explain an important and widely recognized empirical regularity on the evolution of the skill premium. This is expressed, for instance, by Hornstein et al. (2006, p. 6) who notice that "... the time series for inequality over the past 100 years is 'U-shaped'" when surveying the recent literature on wage inequality in the USA.
Author: Lynn H. Foley
Publisher: Taylor & Francis US
ISBN: 9781402073540
Category : Business & Economics
Languages : en
Pages : 294
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Book Description
In recent years, economic prognosticators have pondered whether the U.S. economy has entered a new era. This "new economy" is generally characterized as having technological innovations that have raised productivity and, accordingly, removed pricing power from the world's producers on a more lasting basis. Although the 2001 recession quelled the discussion about whether the United States, and perhaps even the world, had entered a period characterized by sustained high levels of economic growth, researchers continue to investigate the effects of technological change on the economy. This volume examines the underpinnings of the new economy - technology and its effects on macroeconomic growth and the labor market. Technology, Growth, and the Labor Market brings together research by economists from academia and the Federal Reserve System. The first section of the volume includes discussions by monetary policymakers with firsthand experience in determining how technology affects productivity, inequality, and macroeconomic growth. Papers in the second section discuss the sources of the surge in labor productivity growth during the latter half of the 1990s and present forecasts of labor productivity growth rates during the next few years. In the third section, the papers focus on the role of technological advances in changes in earnings inequality in the labor market. The authors examine whether inequality should be viewed as a causal result of skill-biased technological change or whether there is a missing link - or perhaps no link - between changes in technology and changes in wage inequality. The final section explores the relationships between computer investment, worker skills, human resource practices, and productivity at the industry and firm levels.
Author: Sharon Block
Publisher: Brookings Institution Press
ISBN: 0815738811
Category : Law
Languages : en
Pages : 263
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Book Description
Exploring a new agenda to improve outcomes for American workers As the United States continues to struggle with the impact of the devastating COVID-19 recession, policymakers have an opportunity to redress the competition problems in our labor markets. Making the right policy choices, however, requires a deep understanding of long-term, multidimensional problems. That will be solved only by looking to the failures and unrealized opportunities in anti-trust and labor law. For decades, competition in the U.S. labor market has declined, with the result that American workers have experienced slow wage growth and diminishing job quality. While sluggish productivity growth, rising globalization, and declining union representation are traditionally cited as factors for this historic imbalance in economic power, weak competition in the labor market is increasingly being recognized as a factor as well. This book by noted experts frames the legal and economic consequences of this imbalance and presents a series of urgently needed reforms of both labor and anti-trust laws to improve outcomes for American workers. These include higher wages, safer workplaces, increased ability to report labor violations, greater mobility, more opportunities for workers to build power, and overall better labor protections. Inequality in the Labor Market will interest anyone who cares about building a progressive economic agenda or who has a marked interest in labor policy. It also will appeal to anyone hoping to influence or anticipate the much-needed progressive agenda for the United States. The book's unusual scope provides prescriptions that, as Nobel Laureate Joseph Stiglitz notes in the introduction, map a path for rebalancing power, not just in our economy but in our democracy.
Author: Maren Michaelsen
Publisher:
ISBN: 9783867883061
Category :
Languages : en
Pages : 36
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Book Description
