Economics > Study Notes > Skill-biased technical change and polarization in the labour market: Managerial and Human Resource E (All)
Skill-biased technical change and polarization in the labour market: Managerial and Human Resource Economics
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Agenda 1. Skill-biased technological change – theory - application of neoclassical theory of labour demand. 2. Application: Katz and Murphy (1992) paper on SBTC 3. Application: Michaels et al. (... 2010) “Has ICT polarised skill demand: Evidence from eleven countries over 25 years Skill-biased technological change A. Empirical Background Technological change and Labour Demand elasticity of labour demand = % change in employment % change in wage elasticity of substitution, σ = % change KL ratio % change w r Gross Complements and Gross Substitutes Another example (and useful for thinking about skill biased technical change): Another example (and useful for thinking about skill biased technical change): Skilled and Unskilled labour inputs and the CES framework1 Economists believe the aggregate CES production function is a good representation of the economy. We ignore capital for simplicity Application: Michaels, Natraj, Van Reenen, “Has ICT polarised skill demand” Estimating equation (empirical model) [Show More]
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