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Wages, Productivity And Human Capital In The European Union: Econometric Models And Comparison With The Usa 1985-2005

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Author Info

  • GUISAN, M.C.

    ()

  • AGUAYO, EVA

Abstract

The European Union lags behind the United States both in rates of employment and real wages. This study analyzes the relationship between wages, productivity and human capital in 5 European Union countries: France, Germany, Italy, Spain and the United Kingdom, in comparison with the USA. Firstly we analyze the role of productivity in the explanation of real wages, secondly we present a comparative study of the evolution of wages and productivity during the period 1985-2005, and thirdly we estimate an econometric model which relates real wages with productivity and productivity with human capital. As measures of human capital we have included the average total years of schooling, based on Barro and Lee estimations and lagged Research expenditure per inhabitant. The main conclusion is that the European Union should develop economic policies in order to increase the support to human capital, fostering education and RD expenditure in order to achieve higher levels of real wages and higher rates of employment and to converge towards to the levels of the United States.

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Bibliographic Info

Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

Volume (Year): 7 (2007)
Issue (Month): 1 ()
Pages:

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Handle: RePEc:eaa:aeinde:v:7:y:2007:i:1_4

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Related research

Keywords: Real wage models; Wages; productivity and human capital; European Development; Comparison of EU countries and the USA;

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Cited by:
  1. DREGER, Christian & REIMERS, Hans-Eggert, 2011. "On The Role Of Sectoral And National Wage Components In The Wage Bargaining Process," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 11(1).
  2. GUISAN, Maria-Carmen, 2011. "Industry, Foreign Trade and Employment in EU Countries; Comparison of France, Germany, Italy, Spain and the UK with the United States," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 11(2).
  3. Guisan, M.C. & Exposito, P., 2013. "Employment, Production and Income by Sector in Spain: Econometric Models and Comparison with Germany and the United States, 1965-2010," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 13(1), pages 78-90.
  4. Raquel Ortega-Argil├ęs, 2012. "The Transatlantic Productivity Gap: A Survey Of The Main Causes," Journal of Economic Surveys, Wiley Blackwell, vol. 26(3), pages 395-419, 07.
  5. Upender, M., 2009. "Elasticity Of Substitution Between Labour And Capital Across Twenty Six Major Industries In India During 2004-05," International Journal of Applied Econometrics and Quantitative Studies, Euro-American Association of Economic Development, vol. 9(1), pages 101-110.

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