Relative Supply of Skilled Labor
Education is an important factor in increasing skill level. The increase in number of people attending high schools and colleges contribute to the increase in the supply of skilled labor. Mass education, however, is not the only factor. Immigration is also a big contributor. Immigrants created a bimodal skill distribution, where most immigrants were either low skill or high skill workers. There were few who were in between.
Historical Reference - In the United States such factors have caused an overall increase in the supply of skilled labor during the 20th century. The shift from unskilled to skilled labor can be attributed to increases in human capital, or in other words increasing the efficiency of humans through investment in knowledge. The American boom in public education, specifically high schools, congruently increased the level of human capital and total factor productivity.
Read more about this topic: Skill (labor)
Famous quotes containing the words relative, supply, skilled and/or labor:
“The ungentlemanly expressions and gasconading conduct of yours relative to me yesterday was in true character of yourself and unmask you to the world and plainly show that they were ebullitions of a base mind ... and flow from a source devoid of every refined sentiment or delicate sensations.”
—Andrew Jackson (1767–1845)
“Artistic inspiration ignores the law of supply and demand.”
—Mason Cooley (b. 1927)
“Most works of art are effectively treated as commodities and most artists, even when they justly claim quite other intentions, are effectively treated as a category of independent craftsmen or skilled workers producing a certain kind of marginal commodity.”
—Raymond Williams (1921–1988)
“It is essential that there should be organization of labor. This is an era of organization. Capital organizes and therefore labor must organize.”
—Theodore Roosevelt (1858–1919)