Thus, the demand and supply model predicts that the new computer and communications technologies will

raise the pay of high-skill workers but reduce the pay of low-skill workers. From the 1970s to the mid-2000s,

the wage gap widened between high-skill and low-skill labor. According to the National Center for Education

Statistics, in 1980, for example, a college graduate earned about 30% more than a high school graduate with

comparable job experience, but by 2019, a college graduate earned about 59% more than an otherwise

comparable high school graduate. Many economists believe that the trend toward greater wage inequality

across the U.S. economy is due to improvements in technology.

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Price Floors in the Labor Market: Living Wages and Minimum Wages
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