Technology and Skill Premiums
Before the invention of the mechanical cash register, a shop clerk's ability to perform rapid mental arithmetic was a highly valued skill that could command higher wages. After mechanical cash registers became common in stores, this specific skill became less critical for the job. Analyze the relationship between this technological change and the economic value of the 'mental arithmetic' skill. In your answer, explain why the value of this specific endowment changed, even if the demand for shop clerks in general remained high.
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Introduction to Microeconomics Course
The Economy 2.0 Microeconomics @ CORE Econ
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Analysis in Bloom's Taxonomy
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