Solow and Heterogeneous Labour : A Neoclassical Explanation of Wage Inequality  

Oleh:

Meckl, Jurgen ; Zink, Stefan

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 114 no. 498 (Oct. 2004), page 825-843.
Topik: Wages; solow. heterogeneous labour; neoclassical; wage inequality
Fulltext: 825.pdf (184.18KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.15 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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This paper analyses the effect of human -capital investments of heterogeneous individuals on the dynamics of the wage structure within a neoclassical growth model. The accumulation of physical capital changes relative factor prices and thus incentives to acquire skills, thereby altering the composition of the labour force. Without relying on exogenous shocks, our framework generates dynamics that resemble important observations on wage inequality (e. g., the non - monotone evolution of the skill premium). Additional incorporation of wage rigidities emphasises the trade off between residual wage inequality and employment opportunities for unskilled labour that is consistent with country - specific evidence.

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