Economics, Econometrics and Finance
4 years ago

Unlocking High Wage Industries Could Transform Labor Market Dynamics

RePEc: Research Papers in Economics
Does It Matter What We Trade? Trade and Industrial Policies When Labor Markets Don't Clear
William T. Dickens

Paper Summary

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Efficiency wage models suggest that firms pay workers based on their productivity. Wage differences between industries can be explained by rent-sharing models. Policies to shift jobs to higher-paying industries can be beneficial. Previous studies on labor market distortions may not apply to these models. High-wage industries are more profitable, making policies to move jobs there effective.