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Technological Change,Labour Contracts and Income Distribution

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Author Info
Fredrik Andersson (Department of Economics, Lund University, Sweden)
Abstract

An overlapping-generations model is developed; human capital, embodied in education and general on-the-job training, is important, necessitating investments in the first period of work. Competition among employers combined with shortterm contracting imposes an incentive constraint on the intertemporal wage payments which is costly due to creditmarket imperfections. Workers work too much and are paid too little in the first period. Exogenous technological change complementary with skills aggravates the wage distortion, thereby inducing compensating wage increases. Income taxes mitigate the distortions.

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File URL: http://www.taloustieteellinenseura.fi/fep/articles/f2002_1b.pdf
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Publisher Info
Article provided by Finnish Society for Economic Research in its journal Finnish Economic Papers.

Volume (Year): 15 (2002)
Issue (Month): 1 (Spring)
Pages: 24-35
Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Handle: RePEc:fep:journl:v:15:y:2002:i:1:p:24-35

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Web page: http://www.taloustieteellinenseura.fi
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Find related papers by JEL classification:
D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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  2. Anderberg, Dan & Andersson, Fredrik, 2000. "Social Insurance with Risk-Reducing Investments," Economica, London School of Economics and Political Science, vol. 67(265), pages 37-56, February. [Downloadable!] (restricted)
  3. Milgrom, Paul & Shannon, Chris, 1994. "Monotone Comparative Statics," Econometrica, Econometric Society, vol. 62(1), pages 157-80, January. [Downloadable!] (restricted)
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  4. Hart, Oliver & Moore, John, 1994. "A Theory of Debt Based on the Inalienability of Human Capital," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 841-79, November. [Downloadable!] (restricted)
    Other versions:
  5. Salop, Steven C, 1979. "A Model of the Natural Rate of Unemployment," American Economic Review, American Economic Association, vol. 69(1), pages 117-25, March. [Downloadable!] (restricted)
  6. Lazear, Edward P, 1981. "Agency, Earnings Profiles, Productivity, and Hours Restrictions," American Economic Review, American Economic Association, vol. 71(4), pages 606-20, September. [Downloadable!] (restricted)
  7. Rebitzer, James B & Taylor, Lowell J, 1995. "Do Labor Markets Provide Enough Short-Hour Jobs? An Analysis of Work Hours and Work Incentives," Economic Inquiry, Oxford University Press, vol. 33(2), pages 257-73, April.
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  8. Ritter, Joseph A & Taylor, Lowell J, 1994. "Workers as Creditors: Performance Bonds and Efficiency Wages," American Economic Review, American Economic Association, vol. 84(3), pages 694-704, June. [Downloadable!] (restricted)
  9. Andersson, Fredrik, 1996. "Income taxation and job-market signaling," Journal of Public Economics, Elsevier, vol. 59(2), pages 277-298, February. [Downloadable!] (restricted)
  10. David E. Wildasin, 2000. "Labor-Market Integration, Investment in Risky Human Capital, and Fiscal Competition," American Economic Review, American Economic Association, vol. 90(1), pages 73-95, March. [Downloadable!] (restricted)
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