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The Engineering Labor Market

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Author Info

  • Jaewoo Ryoo
  • Sherwin Rosen

Abstract

This paper develops a dynamic supply and demand model of occupational choice and applies it to the engineering profession. The model is largely successful in understanding data in the U.S. engineering labor market. The engineering market responds strongly to economic forces. The demand for engineers responds to the price of engineering services and demand shifters. More important, supply and enrollment decisions are remarkably sensitive to career prospects in engineering. Also a rational model, in which students use some forward-looking elements to forecast future demand for engineers, fits the data reasonably well. These findings suggest that subsidies to build technical talent ahead of demand are misplaced unless public policy makers have better information on future market conditions than the market participants do.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 112 (2004)
Issue (Month): S1 (February)
Pages: S110-S140

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Handle: RePEc:ucp:jpolec:v:112:y:2004:i:s1:p:s110-s140

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Web page: http://www.journals.uchicago.edu/JPE/

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Oh technology policy, how could I ever leave you?
    by Evan Herrnstadt in common tragedies on 2009-04-28 13:52:41
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Cited by:
  1. Jesus Fernandez-Villaverde & Juan Rubio-Ramirez & Thomas J. Sargent, 2005. "A, B, C's (and D)'s for Understanding VARs," NBER Technical Working Papers 0308, National Bureau of Economic Research, Inc.
  2. Steve Fleetwood, 2007. "Austrian economics and the analysis of labor markets," The Review of Austrian Economics, Springer, vol. 20(4), pages 247-267, December.
  3. Joshua Hojvat Gallin, 1999. "Net migration and state labor market dynamics," Finance and Economics Discussion Series 1999-16, Board of Governors of the Federal Reserve System (U.S.).
  4. Eric Bettinger, 2010. "To Be or Not to Be: Major Choices in Budding Scientists," NBER Chapters, in: American Universities in a Global Market, pages 69-98 National Bureau of Economic Research, Inc.
  5. Ljungqvist, Lars & Sargent, Thomas J, 2005. "Jobs and Unemployment in Macroeconomic Theory: A Turbulence Laboratory," CEPR Discussion Papers 5340, C.E.P.R. Discussion Papers.
  6. William R. Kerr, 2014. "U.S. High-Skilled Immigration, Innovation, and Entrepreneurship: Empirical Approaches and Evidence," WIPO Economic Research Working Papers 16, World Intellectual Property Organization - Economics and Statistics Division.
  7. William Kerr & William Lincoln, 2010. "The Supply Side of Innovation: H-1B Visa Reforms and US Ethnic Invention," William Davidson Institute Working Papers Series wp978, William Davidson Institute at the University of Michigan.
  8. William R. Kerr & William F. Lincoln & Prachi Mishra, 2011. "The Dynamics of Firm Lobbying," NBER Working Papers 17577, National Bureau of Economic Research, Inc.
  9. Leigh, Andrew, 2012. "Teacher pay and teacher aptitude," Economics of Education Review, Elsevier, vol. 31(3), pages 41-53.
  10. Lilas Demmou, 2012. "Matching Skills and Jobs in Estonia," OECD Economics Department Working Papers 1007, OECD Publishing.
  11. Yolanda K. Kodrzycki, 2002. "Educational attainment as a constraint on economic growth and social progress," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 47(Jun), pages 37-95.
  12. Claude Montmarquette & Laure Thomas, 2005. "La pénurie de travailleurs qualifiés," CIRANO Project Reports 2005rp-03, CIRANO.
  13. Gibbs, Michael, 2005. "Returns to Skills and Personnel Management: U.S. DoD Scientists and Engineers," IZA Discussion Papers 1539, Institute for the Study of Labor (IZA).
  14. Joëlle Noailly & Daniël Waagmeester & Bas Jacobs & Marieke Rensman & Dinand Webbink, 2005. "Scarcity of science and engineering students in the Netherlands," CPB Document 92, CPB Netherlands Bureau for Economic Policy Analysis.

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