Decomposing technical change: a reply. (response to article by Frank Song in this issue, pp. 209)

From: Southern Economic Journal | Date: July 1, 1994| Author: | Copyright information

The contention that real wages are suitable alternatives to human capital and the introduction of labor quality in the production function have been roundly criticized. However, the assumption of a common labor market and consequent variations in average wages as a measure of differences in skills proves that real wages can act as proxies for human capital. This shows the validity of including labor quality in the production function.

The comment on our paper--Gort, Bahk, and Wall [1], henceforth GBW--raises two issues. First, are real wages an appropriate proxy for human capital? Second, ...

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