During the past two centuries, major technological breakthroughs
such as the steam engine and electricity have acted as the
catalysts for growth and have resulted in a marked increase in
material well-being. The dominant technology today - information
and communication technology (ICT) - does not seem to drive growth
as effectively and has coincided with an apparent increase in wage
inequality. This book provides explanations of these two
characteristics of modern economies and analyses them from both an
individual and integrated perspective. Richard Nahuis explores and
combines the seemingly separate phenomena of wage inequality
between high-skilled and low-skilled workers, and the relatively
low productivity growth experienced by most countries. The author
provides a number of alternative theories for the increase in wage
inequality as a result of new technologies, combined with an
extensive review of the associated literature. He goes on to detail
the technological revolution, describe why this does not
necessarily result in high productivity growth and outline the best
methods to measure productivity in the new economy. This exhaustive
exploration of productivity growth and wage inequality between
high-skilled and low-skilled workers in the knowledge economy will
be welcomed by economists and policymakers interested in the
complex relationships between labour markets, innovation and
technical change.
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