The economics of 'new blood'

• 成果类型: Article
• 署名作者: Laing, D; Palivos, T; Wang, P
• 署名单位: Vanderbilt University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Louisiana State University System; Louisiana State University; University of Ioannina; National Bureau of Economic Research
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/S0022-0531(03)00093-0
• 发表日期: 2003
• 页码: 106-156
• 关键词: new blood; intergenerational rivalry; vintage human capital; wage distributions

摘要

We construct a dynamic general-equilibrium model of search and matching where public knowledge grows through time and workers accumulate a fraction of this knowledge through education/retraining. Due to search delays, the unemployment pool is populated by vintages of workers of differing productivities. Through intergenerational rivalry, the human capital of older generations is rendered obsolete relative to that of the new blood. Higher knowledge growth exacerbates intergenerational competition, thereby lowering education and growth while raising unemployment and inequality. These findings help explain wage compression/expansion and the hump-shaped wage-tenure profile across cohorts. (C) 2003 Elsevier Science (USA). All rights reserved.