The Rise of the Service Economy-Reference-Cited by-同舟云学术

The Rise of the Service Economy

Published:2012-10-01 Issue:6 Volume:102 Page:2540-2569
ISSN:0002-8282
Container-title:American Economic Review
language:en
Short-container-title:American Economic Review

Author:

Buera Francisco J¹,Kaboski Joseph P²

Affiliation:

1. Research Department, Federal Reserve Bank of Minneapolis, NBER, and UCLA, 8283 Bunche Hall, Mail Stop 147703, Los Angeles, CA 90095.

2. University of Notre Dame, 717 Flanner Hall, Notre Dame, IN 46556, and NBER.

Abstract

This paper analyzes the role of specialized high-skilled labor in the disproportionate growth of the service sector. Empirically, the importance of skill-intensive services has risen during a period of increasing relative wages and quantities of high-skilled labor. We develop a theory in which demand shifts toward more skill-intensive output as productivity rises, increasing the importance of market services relative to home production. Consistent with the data, the theory predicts a rising level of skill, skill premium, and relative price of services that is linked to this skill premium. (JEL J24, L80, L90)

Publisher

American Economic Association

Subject

Economics and Econometrics

Link

https://pubs.aeaweb.org/doi/pdf/10.1257/aer.102.6.2540

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