Tuesday, November 6, 2012

The Race Between Education and Technology

Part one of Goldin and Katz's book - Economic Growth and Distribution is a focus on understanding the causes and consequences of economic change. In the introduction to their book, the authors write:

The connection between the American Century and the Human Capital Century concerns the role of education in economic growth and individual productivity. (2)

I found the method of argument in this book fascinating. The authors use the prism of the labor market to better understand US economic change - the demand for labor being influenced by technological change and the supply of labor being influenced by education. They also make an observation and pose a question:

In sharp contrast to economic growth, (over the period of the 20th century) which was relatively continuous, economic inequality was discontinuous. (3)

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