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This paper presents a simple framework that illustrates the link between skill-based wage differentiation and human capital acquisition given skill-biased technical progress. The analysis points to the economic costs resulting from labor market and income redistribution policies that prevent the skill premium from playing its role in fostering human capital accumulation and the adoption of new technologies. The study compares key economic indicators among Canada, France, Germany, the United Kingdom, and the United States. Differences in wage differen-tiation and investment in new technologies among these countries could be related to policies affecting labor markets; such practices may reflect social choices.

Labor --- Inventions --- Econometric Modeling: General --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Taxation, Subsidies, and Revenue: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Wage Level and Structure --- Wage Differentials --- Wages, Compensation, and Labor Costs: General --- Education: General --- Professional Labor Markets --- Occupational Licensing --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Labour --- income economics --- Education --- Inventions & inventors --- Wages --- Human capital --- Skilled labor --- Technological innovation --- Technology --- Labor market --- Technological innovations --- United States --- Income economics

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This paper presents the primary institutions and economic policies that have led to Chile’s remarkable record of stability and growth over the past twenty years. The core of this policy stance is the combination of fiscal discipline and an open trade policy regime, together with carefully sequenced financial liberalization with in a strengthened regulatory framework.Chile has succeeded in sustaining these policies-despite external and domestic forces to the contrary-because of carefully designed institutional arrangements that encourage policies oriented toward long-term success.

Capital market --- Banks and banking --- Chile --- Economic policy. --- Economic conditions --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Banks and Banking --- Exports and Imports --- Finance: General --- Macroeconomics --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Trade: General --- International Lending and Debt Problems --- Fiscal Policy --- International Investment --- Long-term Capital Movements --- International economics --- Banking --- Public finance & taxation --- External debt --- Exports --- Fiscal stance --- Financial markets --- Fiscal policy --- International trade --- Pension spending --- Expenditure --- Debts, External --- Pensions