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

Author

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  • David Schwartzman

    (New School for Social Research)

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.

Suggested Citation

  • David Schwartzman, 1998. "The Growth of Inequality: Income Inequality, Earnings, and Employment," Eastern Economic Journal, Eastern Economic Association, vol. 24(4), pages 507-517, Fall.
    • Handle: RePEc:eej:eeconj:v:24:y:1998:i:4:p:507-517
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/eeconj/Volume24/V24N4P507_517.pdf
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    More about this item

    Keywords

    Income; Inequality; Skills; Unskilled; Wage;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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