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Elasticities of Demand for Educated Labor and Elasticities of Supply of Educated LaborRichard B. FreemanNational Bureau of Economic Research (NBER); University of Edinburgh - School of Social and Political Studies; Harvard University; London School of Economics & Political Science (LSE) - Centre for Economic Performance (CEP) December 1982 NBER Working Paper No. w1042 Abstract: This paper reviews a variety of estimates of the demand and supply elasticities of educated labor. It finds that elasticities of substitution between more and less educated labor range fran 1.0 to 2.0 and that elasticities of the supply of students to colleges are also on the order of 1.0 to 2.0 while elasticities of supply to specific professions are on the order of 2.0 to 3.0. With elasticities of this magnitude, wages and employment depend on both supply and demand factors, with shifts of either schedule influencing both market outcome variables.
Number of Pages in PDF File: 27 working papers seriesDate posted: April 12, 2004Suggested CitationContact Information
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