Superstars and Pyramids: Two Complementary Explanations for Changes in Top Earnings
This chapter considers the explanation of top earnings that has received much recent attention: the superstar theory. Here, trade and technology have a clear role in expanding the reach of the most talented, and make the earnings gradient steeper. It argues that the superstar explanation should be complemented by a model of salaries in hierarchical organizations. Such a theory, where earnings depend on position in a pyramidal organization, cannot be enough on its own either.
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