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Title: Wages determination, wage subsidies and training
Author: Lydon, Reamonn
Awarding Body: University of Warwick
Current Institution: University of Warwick
Date of Award: 2004
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In the economics literature, there has been a resurgent interest in measures of subjective well-being. This literature finds mixed results for the relationship between job satisfaction and earnings. We argue that this is due to the fact that earnings in a job satisfaction regression are endogenous. We estimate a job satisfaction equation that includes exogenous variation in earnings. We find that earnings have a consistently significant, but small positive effect on job satisfaction, and that relative earnings also matter. Despite over fifty years of research into the returns to education around the world, there has been no unified effort to analyse why the returns differ so significantly both over time and across countries. We specify two models where the returns to education are affected both directly and indirectly by changes in technology over time. Both models show that a large proportion of the variation in the returns to education can be explained by changes and differences in technology. Through the Working Tax Credit and Child Tax Credit, the UK government currently subsidises the wages of around 6.3 million low-paid workers. The long-run implications of the tax credits for these workers have only been evaluated in terms of their effects on labour supply. We estimate the impact of the tax credits on wage growth and the take-up of training. We find no significant differences in the average wage growth of individuals receiving and not receiving the tax credits. We find that training is affected, with those individuals close to coming off welfare much more likely to take up training than individuals who face the prospect of staying on welfare for a long time.
Supervisor: Not available Sponsor: Economic and Social Research Council
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available
Keywords: HD Industries. Land use. Labor