Explora Science reviews How complementarity influences a skill’s economic value

Science reviews

March 25, 2024

How complementarity influences a skill’s economic value

Fabian Stephany & Ole Teutloff. (2024). What is the price of a skill? The value of complementarity.


A content by FFWi



One consequence of technological advancements is that the mix of skills required for different jobs is in a state of flux. Workers must adapt and acquire new skills, yet determining the exact skills needed for emerging roles and the economic advantage of learning these skills is a challenge, as these factors are frequently unclear and in constant change. This presents a challenge for employees, businesses, and policymakers in creating effective and profitable strategies for skill development. To mitigate this uncertainty, Fabian Stephany and Ole Teutloff suggest in this paper a methodology to assign a market value to skills, considering both the supply and demand in the market and how these skills complement each other.

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