General human capital and employment adjustment in the Great Depression: apprentices and journeymen in UK engineering
AbstractThe relationship between training and firm-level employment adjustment given an unanticipated fall in product demand has been central to human capital theory. The most cataclysmic negative output shock occurred in 1929-30. At this time, easily the most important source of United Kingdom general training was the apprenticeship system. Using data collected by the Engineering Employers' Federation (EEF), this paper examines the impact of the Great Depression on numbers of apprentices and skilled journeymen. Statistics cover eight skilled engineering occupations in 27 local labour markets over the period 1928--38. Relative employment adjustment responses of apprentices and journeymen accord well with general human capital arguments. Copyright 2005, Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 57 (2005)
Issue (Month): 1 (January)
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Other versions of this item:
- Hart, Robert A., 2003. "General Human Capital and Employment Adjustment in the Great Depression: Apprentices and Journeymen in UK Engineering," IZA Discussion Papers 799, Institute for the Study of Labor (IZA).
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
- N34 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: 1913-
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