Growth And Wage Inequality In A Scale-Independent Model With R&D And Human-Capital Accumulation
We present a dynamic, non-scale general equilibrium model with two human-capital types where Schumpeterian R&D and human-capital accumulation are the engines of growth and wage inequality. In particular, wage inequality is encouraged by relative changes in supply and demand of both human-capital types. Relative supply restricts employed human-capital levels. Relative demand is instantly affected by a new general-purpose technology and, as in the skill-biased technological change literature, by technological-knowledge bias. By considering substitutability between technologies and complementarity between inputs, the bias is driven by the price channel (not by the market-size channel) and is affected by human-capital accumulation. Copyright � 2010 The Author. Journal compilation � 2010 Blackwell Publishing Ltd and The University of Manchester.
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Volume (Year): 78 (2010)
Issue (Month): 2 (03)
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