2002, English, Article, Working paper edition: Cross country inequality trends Daron Acemoglu [electronic resource] Daron Acemoglu

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Bookmark: http://trove.nla.gov.au/version/117489068
Physical Description
  • 42 p. :
Published
  • Cambridge, MA Massachusetts Institute of Technology, Dept. of Economics 2002
Language
  • English

Edition details

Title
  • Cross country inequality trends Daron Acemoglu
Author
  • Daron Acemoglu
Other Authors
  • Massachusetts Institute of Technology. Dept. of Economics
Published
  • Cambridge, MA Massachusetts Institute of Technology, Dept. of Economics 2002
Medium
  • [electronic resource]
Physical Description
  • 42 p. :
Series
Summary
  • The economics profession has made considerable progress in understanding the increase in wage inequality in the U.S. and the UK over the past several decades, but currently lacks a consensus on why inequality did not increase, or increased much less, in (continental) Europe over the same time period. I review the two most popular explanations for these differential trends: that relative supply of skills increased faster in Europe, and that European labor market institutions prevented inequality from increasing. I argue that these two explanations go some way towards accounting for the differential cross-country inequality trends, but do not provide an entirely satisfactory explanation. In addition, it appears that relative demand for skills increased differentially across countries. Motivated by this reasoning, I develop a simple theory where labor market institutions creating wage compression in Europe also encourage more investment in technologies increasing the productivity of less-skilled workers, thus implying less skill-biased technical change in Europe than in the U.S. Keywords: Relative Supply of Skills, Returns to Education, Skill-Biased Technical Change, Technology Adoption, Wage Compression, Wage Inequality. JEL Classification: J30, J31.
Notes
  • "February 2002."; "February 7, 2002"--Abstract. Includes bibliographical references (p. 31-34). Abstract in HTML and working paper for download in PDF available via World Wide Web at the Social Science Research Network.
Language
  • English
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