Discussion of International Trade and the Australian Labour Market
نویسنده
چکیده
Throughout the OECD, the operations of labour markets in the 1970s and 1980s have produced outcomes unfavourable to labour in general and unskilled labour in particular. In the US, this has been reflected in declining real wages, with a slight increase in the unemployment rate. In other countries, it has been reflected in a slowdown in real wages growth and a severe increase in unemployment. At the same time, real wages have been rising in the newly industrialising countries (NICs). An obvious way of trying to explain this outcome is that it reflects the process of factor-price equalisation predicted by the Heckscher-Ohlin model of international trade. However, this explanation immediately runs into the difficulty of accounting for the experience of the 1950s and 1960s. Wage inequalities between rich and poor market economies were just as great in this period (although the set of poor countries was different), yet real wages for unskilled workers rose both absolutely and relatively in the rich countries. In numerous other respects, the experience of the 1970s and 1980s does not fit the predictions of the Stolper-Samuelson theorem (on the assumption that the effective supply of unskilled labour from poor countries has increased).
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