But as the higher wages spur more people to obtain the necessary education, the supply of skilled workers tends to respond to the demand, and the wage differential tends to narrow. Economists Claudia Goldin and Lawrence Katz have documented this dynamic – the “race between education and technology” – throughout the 20th century in the United States.
From all accounts, the workshop was well attended and yielded several recommendations on governance and operational structure of a regional financial stability board.