Abstract
A decline in real wages of 11 per cent in the USA in the 1980s! Are we living in an age of diminished prosperity? This decline in real wages was not just experienced by a small fraction of all workers. Less-skilled workers have actually been facing declining wages for a long period. Somewhat counterintuitively, this decline in the relative wage of less-skilled workers has been paralleled by an increase in the relative skill level in the work force.
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