1. The article discusses changes in relative wages between 1963 and 1987, analyzing the supply and demand factors that contributed to these changes.
2. The study found that changes in the demand for skilled labor played a significant role in driving up wages for skilled workers, while changes in the supply of skilled labor had a smaller impact.
3. The authors suggest that policies aimed at increasing the supply of skilled labor, such as education and training programs, may be effective in reducing wage inequality.
The article "Changes in Relative Wages, 1963-1987: Supply and Demand Factors" provides a detailed analysis of the factors that contributed to changes in relative wages during the period from 1963 to 1987. The authors argue that both supply and demand factors played a role in shaping wage differentials during this time period.
The article is well-researched and provides a comprehensive overview of the literature on wage differentials. However, there are some potential biases and limitations to consider.
One potential bias is that the authors focus primarily on economic factors and do not consider other social or political factors that may have influenced wage differentials during this time period. For example, discrimination based on race or gender may have played a role in shaping wage differentials, but this is not explored in depth.
Additionally, the authors rely heavily on data from the United States and do not consider how wage differentials may have varied across different countries or regions. This limits the generalizability of their findings.
Another limitation is that the authors do not explore counterarguments or alternative explanations for their findings. For example, they suggest that technological change was a major driver of wage differentials during this time period, but they do not consider alternative explanations such as changes in labor market institutions or globalization.
Overall, while the article provides valuable insights into the factors that shaped wage differentials during the period from 1963 to 1987, it is important to consider its potential biases and limitations when interpreting its findings.