Solow and Heterogeneous Labour: A Neoclassical Explanation of Wage Inequality
在新古典增长模型中分析异质性个体的人力资本投资如何影响工资结构动态，无需外生冲击即可解释技能溢价非单调演变等工资不平等现象，并探讨工资刚性对剩余不平等与低技能就业的权衡。
This paper analyses the effect of human‐capital investments of heterogeneous individuals on the dynamics of the wage structure within a neoclassical growth model. The accumulation of physical capital changes relative factor prices and thus incentives to acquire skills, thereby altering the composition of the labour force. Without relying on exogenous shocks, our framework generates dynamics that resemble important observations on wage inequality (e.g., the non‐monotone evolution of the skill premium). Additional incorporation of wage rigidities emphasises the trade off between residual wage inequality and employment opportunities for unskilled labour that is consistent with country‐specific evidence.