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Human Capital Theory and UK Vocational Training Policy

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  • Stevens, Margaret

Abstract

Since the Industrial Training Act of 1964, the UK government has adopted a variety of policies intended to redress a problem of under-investment in vocational training. In the 1960s and 1970s it attempted to regulate the training provided by firms, through a levy scheme. More recently, subsidised training schemes have been the centrepiece of policy. This paper examines the explanations for market failure in vocational training, and explores the rationale for such policies. Under-investment can arise from credit constraints and uncertainty facing trainees, and from imperfect competition in the labour market which creates external benefits for firms. Both subsidies and regulation can be effective in dealing with these problems, although it is argued that the training levy scheme, as implemented in the UK and other countries, should be viewed mainly as a mechanism for releasing credit constraints. Copyright 1999 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 15 (1999)
Issue (Month): 1 (Spring)
Pages: 16-32

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Handle: RePEc:oup:oxford:v:15:y:1999:i:1:p:16-32

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Web page: http://oxrep.oupjournals.org/

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Cited by:
  1. Sieben,Inge, 2005. "Does Training Trigger Turnover...or Not?," ROA Research Memorandum 008, Maastricht University, Research Centre for Education and the Labour Market (ROA).
  2. Giorgio Brunello & Maria De Paola, 2004. "Market Failures and the Under-Provision of Training," CESifo Working Paper Series 1286, CESifo Group Munich.
  3. Giuseppe Croce, 2005. "A model of training policies in an imperfectly competitive labour market," Working Papers 90, University of Rome La Sapienza, Department of Public Economics.
  4. Bornemann, Stefan, 2005. "Spillovers in Vocational Training," Discussion Papers in Economics 693, University of Munich, Department of Economics.
  5. Holger Görg & Eric Strobl, 2006. "Do Government Subsidies Stimulate Training Expenditure? Microeconometric Evidence from Plant-Level Data," Southern Economic Journal, Southern Economic Association, vol. 72(4), pages 860–876, April.
  6. William Collier & Francis Green & Young-Bae Kim & John Peirson, 2011. "Education, Training and Economic Performance: Evidence from Establishment Survival Data," Journal of Labor Research, Springer, vol. 32(4), pages 336-361, December.
  7. Samuel Muehlemann & Paul Ryan & Stefan C. Wolter, 2011. "Monopsony power, pay structure and training," Economics of Education Working Paper Series 0099, University of Zurich, Institute for Strategy and Business Economics (ISU).
  8. Yanick Labrie & Claude Montmarquette, 2005. "La formation qualifiante et transférable en milieu de travail," CIRANO Project Reports 2005rp-04, CIRANO.
  9. Andrew Sharpe & James Gibson, 2005. "The Apprenticeship System in Canada: Trends and Issues," CSLS Research Reports 2005-04, Centre for the Study of Living Standards.
  10. Cusin, Giuseppe, 2007. "General training and oligopsony," Research in Economics, Elsevier, vol. 61(3), pages 113-121, September.
  11. Guidetti, Giovanni & Mazzanti, Massimiliano, 2007. "Firm-level training in local economic systems: Complementarities in production and firm innovation strategies," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 36(6), pages 875-894, December.
  12. repec:hal:wpaper:halshs-00194344 is not listed on IDEAS
  13. Paul Ryan & Uschi Backes-Gellner & Silvia Teuber & Karin Wagner, 2012. "Apprentice pay in Britain, Germany and Switzerland: institutions, market forces, market power," Economics of Education Working Paper Series 0075, University of Zurich, Institute for Strategy and Business Economics (ISU).

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