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A central determinant of the political economy of capital-labor relations is tha appropriability of specific quasi-rents. This paper is concerned with the general-equilibrium interaction of appropriability and characteristics of technology - nam ely, the embodiment of technology in capital and...
Persistent link: https://www.econbiz.de/10005748871
In market economies, identical workers receive very different wages, violating the Walrasian 'law of one price'. We argue that in the absence of a Walrasian auctioneer to coordinate trade, wage dispersion among identical workers is an equilibriu m phenomenon. Moreover, wage dispersion is...
Persistent link: https://www.econbiz.de/10005748919
This paper analyzes technology choices and unemployment in search equilibrium. In contrast to standard search models, the presence of technology choices makes the decentralized equilibrium inefficient; there is too little investment in skills, too little job creation and there can be multiple...
Persistent link: https://www.econbiz.de/10005574416
Are the large measured returns to on-the-job computer-use productivity gains or the result of unobserved heterogeneity unrelated to productivity? We examine this issue with two large cross-sectional surveys from Germany.
Persistent link: https://www.econbiz.de/10005587299