The Growth of Inequality: Income Inequality, Earnings, and Employment

David Schwartzman
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David Schwartzman: New School for Social Research

Eastern Economic Journal, 1998, vol. 24, issue 4, 507-517

Abstract: The increase in inequality after the 1960s was due to substitution of capital and of skilled labor for unskilled labor induced by rise in the relative cost of unskilled labor resulting from wartime demand, wartime and postwar egalitarian wage polices, the fall in real interest rates and in the prices of capital goods relative to unskilled wages, and the increase in the relative skill of skilled labor. The increase in the supply of skilled workers was insufficient to offset the effect of these changes on the relative demand for unskilled labor.

Keywords: Income; Inequality; Skills; Unskilled; Wage (search for similar items in EconPapers)
JEL-codes: D31 J24 (search for similar items in EconPapers)
Date: 1998
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