The Race between Technology and Education: The Textbook Model
This chapter uses the textbook model of supply and demand of labour to discuss the race between technology and education and its impact on wages. It is shown that with a specified set of dynamics, the skill wage premium converges to a constant value even where demand is continuing to shift. The extent of the rise depends however on the working of the labour market. Countries that respond more quickly to the need for more educated workers will see a smaller rise in the wage premium.
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