Productivity and Wages: Common Factors and Idiosyncrasies Across Countries and Industries

Edward Lazear

No 26428, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Average wage growth is closely related to aggregate productivity growth across countries and within countries over time. The commonality of patterns across OECD countries suggests that common factors are at work. Are productivity-based explanations of wage changes consistent with increasing variance in wages as well as increases in mean wages as suggested by skill-biased technological change or other factors? To answer this, it is necessary to observe education-specific productivity growth. Cross-industry comparisons reveal that industries dominated by highly educated workers have higher productivity and experienced higher-than-average productivity growth that is more than sufficient to account for increasing skill differentials.

JEL-codes: J00 J30 M50 (search for similar items in EconPapers)
Date: 2019-11
New Economics Papers: this item is included in nep-eff, nep-lma and nep-ltv
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