Includes bibliographical references (pages 187-190).
Summary
Karl Marx predicted a world in which technical innovation would increasingly devalue and impoverish workers, but other economists thought the opposite, that it would lead to increased wages and living standards--and the economists were right. Yet in the last three decades, the market economy has been jeopardized by a worrying phenomenon: a rise in wage inequality that has left a substantial portion of the workforce worse off despite the continuing productivity growth enjoyed by the economy. Innovation and Inequality examines why. Studies have firmly established a link between this worrying tre.
Contents
Introduction -- 1 Which Tools Do We Need? -- 2 Productivity and Wages in Neoclassical Growth Models -- 3 Heterogeneous Labor -- 4 Competing Technologies -- 5 Supply Effects -- 6 Labor as a Quality Input: Skill Aggregation and Sectoral Segregation -- 7 The Economics of Superstars -- 8 Complementarities and Segregation by Skills -- 9 Demand Effects -- 10 Nonhomothetic Preferences and the Distributive Effects of Innovation and Intellectual Property -- Epilogue -- References.