Extending the Kuznets Curve
AbstractRecent decades have been characterized by a steep increase in wage inequality globally. In order to explain this phenomenon, this paper extends the classic Kuznets Curve to include post-industrial economies. According to this Extended Kuznets Curve (EKC) hypothesis, wage inequality may follow an N-curve. If the inverted U-shape of the EKC is attributable to the structural changes associated with industrialization, its right-hand side reflects the boom in human capital formation registered in modern and post-industrial economies. Thus, the main candidates to explain the recent upsurge in wage inequality, namely skill-biased technical change, globalisation and institutional factors, may be embodied in the evolution of the skill composition of the labour force. The available empirical evidence, albeit limited, tends to support the EKC hypothesis.
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Bibliographic InfoPaper provided by Universitat de Barcelona. Espai de Recerca en Economia in its series Working Papers in Economics with number 257.
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Date of creation: 2011
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Find related papers by JEL classification:
- O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
- N34 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: 1913-
- J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-07-13 (All new papers)
- NEP-HME-2011-07-13 (Heterodox Microeconomics)
- NEP-LAB-2011-07-13 (Labour Economics)
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