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Twisting the Demand Curve: Digitalization and the Older Workforce

Author

Listed:
  • Erling Barth
  • James C. Davis
  • Richard B. Freeman
  • Kristina McElheran

Abstract

This paper uses U.S. Census Bureau panel data that link firm software investment to worker earnings. We regress the log of earnings of workers by age group on the software investment by their employing firm. To unpack the potential causal factors for differential software effects by age group we extend the AKM framework by including job-spell fixed effects that allow for a correlation between the worker-firm match and age and by including time-varying firm effects that allow for a correlation between wage-enhancing productivity shocks and software investments. Within job-spell, software capital raises earnings at a rate that declines post age 50 to about zero after age 65. By contrast, the effects of non-IT equipment investment on earnings increase for workers post age 50. The difference between the software and non-IT equipment effects suggests that our results are attributable to the technology rather than to age-related bargaining power. Our data further show that software capital increases the earnings of high-wage workers relative to low-wage workers and the earnings in high-wage firms relative to low-wage firms, and may thus widen earnings inequality within and across firms.

Suggested Citation

  • Erling Barth & James C. Davis & Richard B. Freeman & Kristina McElheran, 2020. "Twisting the Demand Curve: Digitalization and the Older Workforce," Working Papers 20-37, Center for Economic Studies, U.S. Census Bureau.
    • Handle: RePEc:cen:wpaper:20-37
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    2. Herbert Dawid & Jasper Hepp, 2022. "Distributional effects of technological regime changes: hysteresis, concentration and inequality dynamics," Review of Evolutionary Political Economy, Springer, vol. 3(1), pages 137-167, April.
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    4. Julia Varlamova & Ekaterina Kadochnikova, 2023. "Modeling the Spatial Effects of Digital Data Economy on Regional Economic Growth: SAR, SEM and SAC Models," Mathematics, MDPI, vol. 11(16), pages 1-31, August.
    5. Allen, Steven G., 2023. "Demand for older workers: What do we know? What do we need to learn?," The Journal of the Economics of Ageing, Elsevier, vol. 24(C).

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    More about this item

    Keywords

    Software investments; Earnings equations; Older workers; the AKM model; Age-biased technical change;
    All these keywords.

    JEL classification:

    • J0 - Labor and Demographic Economics - - General
    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • O0 - Economic Development, Innovation, Technological Change, and Growth - - General
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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