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Nordic Economic Policy Review

Globalization, labour market institutions and wage structure

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The Nordic Economic Policy Review is published by the Nordic Council of Ministers and addresses policy issues in a way that is useful for in-formed non-specialists as well as for professional economists. All articles are commissioned from leading professional economists and are subject to peer review prior to publication. The review appears twice a year. It is published electronically on the website of the Nordic Council of Ministers: www.norden.org/en. On that website, you can also order paper copies of the Review (enter the name of the Review in the search field, and you will find all the information you need). Managing Editor: Professor Torben M. Andersen, Department of Economics, University of Aarhus, Denmark. Special Editors for this volume: Research Professor Erling Barth, Institute for Social Research, Oslo, Norway and Professor Kalle O. Moene, Department of Economics, University of Oslo, Norway.

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One Ring to rule them all? Globalization of knowledge and knowledge creation

This paper directs the attention to the globalization of knowledge and knowledge creation as the fundamental global driver of economic outcomes in today’s information economy. It documents the globalization of knowledge and the spread of scientific research from advanced to developing countries and argues that these developments undermine trade models in which advanced countries invariably have a comparative advantage in high-tech goods and services; determine the immigration of skilled workers; boost labor standards; and influence incomes and inequality within and across countries. To the extent that knowledge is the key component in productivity and growth, its spread and creation constitute the one ring of globalization that rules the more widely studied patterns of trade, capital flows and immigration, thus my title.

English

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