Economic theory suggests that workers’ pay is mainly determined by their marginal product and that industry wage differentials may result either from the structure of the industry (demand type factors) or human capital characteristics of the employed labour force (supply type factors). This study uses a major data set from the US that allows the investigation of the effects of these demand and supply type factors on average earnings across industries. Importantly, this paper shows that aggregate demand relevant to the particular industry has a strong positive effect on the industry’s average earnings in addition to the previously established results regarding the significance of the effects of worker and firm characteristics. Consequently, labour market policies crafted without due consideration of macroeconomic demand may be ineffective as a solution to the proliferation of low pay employment.

中文翻译：

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行业层面总需求对收益的影响：来自美国的证据

经济理论认为，工人的工资主要由他们的边际产品决定，行业工资差异可能来自行业结构（需求类型因素）或就业劳动力的人力资本特征（供应类型因素）。本研究使用来自美国的主要数据集，可以调查这些需求和供应类型因素对各行业平均收入的影响。重要的是，本文表明，除了先前确定的关于工人和公司特征影响的重要性的结果之外，与特定行业相关的总需求对行业的平均收入有很强的积极影响。最后，