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Technical Progress, Price Adjustments, and Wages

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  • Ronald W. Jones

Abstract

Technical progress that takes place in one country is often soon transmitted to major trading partners, leading to adjustments in equilibrium commodity prices. This paper makes use of the twin concepts of differential industry effects and differential factor effects to ask about the role of each in determining how progress affects real wages. A simple diagram is utilized to illustrate in general settings the importance of factor bias in technology and the elasticity of substitution in demand in the analysis of real wage changes.

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  • Ronald W. Jones, 2000. "Technical Progress, Price Adjustments, and Wages," Review of International Economics, Wiley Blackwell, vol. 8(3), pages 497-503, August.
    • Handle: RePEc:bla:reviec:v:8:y:2000:i:3:p:497-503
    DOI: 10.1111/1467-9396.00237
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    Cited by:

    1. Paolo Epifani & Gino Gancia, 2008. "The Skill Bias of World Trade," Economic Journal, Royal Economic Society, vol. 118(530), pages 927-960, July.
    2. Eckel, Carsten, 2003. "Labor market adjustments to globalization: unemployment versus relative wages," The North American Journal of Economics and Finance, Elsevier, vol. 14(2), pages 173-188, August.
    3. Venables, Anthony & Baldwin, Richard & Haaland, Jan I., 2021. "Jobs and technology in general equilibrium: A three elasticities approach," CEPR Discussion Papers 15739, C.E.P.R. Discussion Papers.
    4. Tobias Brändle & Andreas Koch, 2017. "Offshoring and Outsourcing Potentials: Evidence from German Micro-Level Data," The World Economy, Wiley Blackwell, vol. 40(9), pages 1775-1806, September.
    5. Udo Kreickemeier & Douglas Nelson, 2017. "Fair Wages, Unemployment, and Technological Change in a Global Economy," World Scientific Book Chapters, in: International Trade and Labor Markets Welfare, Inequality and Unemployment, chapter 8, pages 205-235, World Scientific Publishing Co. Pte. Ltd..
    6. Robbins, Donald J., 2003. "The impact of trade liberalization upon inequality in developing countries : a review of theory and evidence," ILO Working Papers 993650553402676, International Labour Organization.
    7. Xu, Bin, 2001. "Factor bias, sector bias, and the effects of technical progress on relative factor prices," Journal of International Economics, Elsevier, vol. 54(1), pages 5-25, June.
    8. Edwards, T. Huw & Lücke, Matthias, 2021. "Decomposing the growth of the high-skilled wage premium in an advanced economy open to trade," The Quarterly Review of Economics and Finance, Elsevier, vol. 80(C), pages 766-784.
    9. repec:ilo:ilowps:365055 is not listed on IDEAS

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