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What Does Human Capital Do? A Review of Goldin and Katz's The Race between Education and Technology

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  • Daron Acemoglu
  • David Autor

Abstract

Goldin and Katz’s The Race between Education and Technology is a monumental achievement that supplies a unified framework for interpreting how the demand and supply of human capital have shaped the distribution of earnings in the U.S. labor market over the 20th century. This essay reviews the theoretical and conceptual underpinnings of this work and documents the success of Goldin and Katz’s framework in accounting for numerous broad labor market trends. The essay also considers areas where the framework falls short in explaining several key labor market puzzles of recent decades and argues that these shortcomings can potentially be overcome by relaxing the implicit equivalence drawn between workers’ skills and their job tasks in the conceptual framework on which Goldin and Katz build. The essay argues that allowing for a richer set of interactions between skills and technologies in accomplishing job tasks both augments and refines the predictions of Goldin and Katz’s approach and suggests an even more important role for human capital in economic growth than indicated by their analysis.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17820.

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Date of creation: Feb 2012
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Handle: RePEc:nbr:nberwo:17820

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  1. James J. Heckman & Paul A. LaFontaine, 2007. "The American High School Graduation Rate: Trends and Levels," NBER Working Papers 13670, National Bureau of Economic Research, Inc.
  2. Jonathan Vogel & Arnaud Costinot, 2008. "Matching and Inequality in the World Economy," 2008 Meeting Papers 879, Society for Economic Dynamics.
  3. Katharine G. Abraham & James R. Spletzer & Michael Harper, 2010. "Labor in the New Economy," NBER Books, National Bureau of Economic Research, Inc, number abra08-1, October.
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  1. American failure
    by Daron Acemoglu and James Robinson in Why Nations Fail on 2012-04-23 14:26:00
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Cited by:
  1. Sánchez-Romero, Miguel & Sambt, Jože & Prskawetz, Alexia, 2012. "Quantifying the role of alternative pension reforms on the Austrian economy," ECON WPS - Vienna University of Technology Working Papers in Economic Theory and Policy 04/2012, Vienna University of Technology, Institute for Mathematical Methods in Economics, Research Group Economics (ECON).
  2. Dora Costa, 2013. "Health and the Economy in the United States, from 1750 to the Present," NBER Working Papers 19685, National Bureau of Economic Research, Inc.

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