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This paper examines the effect of globalization on labor markets in the advanced economies, focusing particularly on the claim that increased economic integration has widened the gap between the wages of more skilled and less skilled workers. The broad consensus of research is that globalization, both in terms of increased trade as well as increased capital mobility and foreign direct investment, has had only a modest effect on wages. Instead, changes in technology have led to a pervasive shift in demand for labor that has favored skilled workers to the detriment of less skilled workers.

Exports and Imports --- Labor --- Macroeconomics --- Trade: General --- Wage Level and Structure --- Wage Differentials --- Wages, Compensation, and Labor Costs: General --- Demand and Supply of Labor: General --- Aggregate Factor Income Distribution --- Labor Demand --- Labour --- income economics --- International economics --- Wages --- Labor markets --- Income inequality --- Imports --- Labor demand --- National accounts --- International trade --- Labor market --- Income distribution --- United States --- Income economics

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This paper examines the effect of unionization on welfare and trade policy in a model of duopolists competing in a third market. It shows that the traditional result that the presence of a union necessitates a stronger strategic trade policy to reach the optimal level of welfare depends on the mode of competition. With Bertrand duopolists, a union can be welfare-improving; it can also lead to a weaker trade policy, or even reverse the direction of the optimal policy. The results highlight the importance for trade policy of understanding the nature of firm behavior and the institutional features of the labor market.

Exports and Imports --- Labor --- Macroeconomics --- Trade Policy --- International Trade Organizations --- Trade Unions: Objectives, Structure, and Effects --- Wages, Compensation, and Labor Costs: General --- Wages, Compensation, and Labor Costs: Public Policy --- Labor Economics: General --- Labour --- income economics --- International economics --- Wages --- Trade policy --- Wage setting --- Export subsidies --- Commercial policy --- Labor economics --- Income economics

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Gross domestic product --- Economic forecasting --- COVID-19 (Disease) --- Economic aspects --- United States. --- United States --- Economic conditions.

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International economic relations

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Data for the United States and countries in Western Europe indicate a negative correlation between the dependency ratio and both labor tax rates and the generosity of social transfers, after controlling for other factors that influence the size of the welfare state. This is despite the increased political clout of the dependent population implied by the aging of the population. This paper develops a model of intra-and inter-generational transfers and human capital formation which addresses this seeming puzzle. We show that with democratic voting, a higher dependency ratio can lead to lower taxes or less generous social transfers.

Macroeconomics --- Taxation --- Demography --- Structure, Scope, and Performance of Government --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Personal Income, Wealth, and Their Distributions --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Labor Economics: General --- Demographic Economics: General --- Population & demography --- Welfare & benefit systems --- Labour --- income economics --- Personal income --- Labor taxes --- Aging --- Labor --- Population and demographics --- National accounts --- Taxes --- Income --- Income tax --- Population aging --- Labor economics --- Population --- United States --- Income economics