differences in labor mobility and reallocation costs, which are typically ignored in American "International Trade" textbooks … human capital investments: they are not independent of the aggregate state of labor markets, and in particular, frictions … and slackness of the labor market raises the returns to specific human capital investments relative to general capital …

This paper describes the changes in the composition of the labor force in the last 35 years and quantifies the …. The consequences of this substitution on the wage structure are then investigated. In the US, labor supply changes can … covariations of prices and the supply of skills are consistent with a pure labor supply explanation. Methodologically, the paper …