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Growing Within-Graduate Wage Inequality and the Role of Subject of Degree

Author

Listed:
  • Joanne Lindley

    (School of Economics, Faculty of Business, Economics and Law, University of Surrey)

  • Steven McIntosh

    (Department of Economics, The University of Sheffield)

Abstract

This paper provides a supply and demand analysis for the changes in subject of degree, focussing specifically on the UK but also finding similar descriptive patterns in subject choices for the US. The paper makes a unique contribution to the literature by estimating subject-specific implied relative demand shifts. We find that Maths/Computer graduates are the least substitutable in production, but also that Medical Related, Physical Sciences, and Combined graduates are perfect substitutes in production, relative to non-graduates. Almost 40 percent of the total demand shift for graduates between 1994 and 2011 was for those with STEM degree subjects, with the largest of these being for Maths/Computing degrees which are male dominated. We also find relatively large shifts for Education, Law, Other Social Sciences, Management/Business and Medical degrees. Most of the increase in demand for graduates between 1994 and 2011 was in subjects that are relatively concentrated into a few occupations. Overall, the demand for all graduates has increased at least to the same extent as the large increase in supply, with no sign of declining graduate wage differentials.

Suggested Citation

  • Joanne Lindley & Steven McIntosh, 2012. "Growing Within-Graduate Wage Inequality and the Role of Subject of Degree," Working Papers 2012029, The University of Sheffield, Department of Economics.
    • Handle: RePEc:shf:wpaper:2012029
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    File URL: http://www.shef.ac.uk/economics/research/serps/articles/2012_037.html
    File Function: First version, 2012
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    Cited by:

    1. Joanne Lindley & Steven Mcintosh, 2017. "Finance Sector Wage Growth and the Role of Human Capital," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 79(4), pages 570-591, August.

    More about this item

    Keywords

    degree subjects; returns to education; supply and demand shifts;
    All these keywords.

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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