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Specific Capital and Technological Variety

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Author Info
Boyan Jovanovic
Peter L. Rousseau

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Abstract

Growth of technological variety offers more scope for the division of labor. And when a division of labor requires some specific training, the technological specificity of human capital grows, and, with it, probably the firm specificity of that capital grows. We build a simple model that captures this observation. The model implies that a rising specialization of human and physical capital raises the rents in the average match between a firm and its human and physical capital. We document that in the last 40 years the firm’s share of those rents has also grown, and we use the model to explain why this shift may have taken place.

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File URL: http://www.journals.uchicago.edu/cgi-bin/resolve?id=doi:10.1086/590066
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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Human Capital.

Volume (Year): 2 (2008)
Issue (Month): 2 ()
Pages: 129-152
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Handle: RePEc:ucp:jhucap:v:2:i:2:y:2008:p:129-152

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  5. Jovanovic, Boyan & Moffitt, Robert, 1990. "An Estimate of a Sectoral Model of Labor Mobility," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 827-52, August. [Downloadable!] (restricted)
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  11. Dagsvik, John & Jovanovic, Boyan & Shephard, Andrea, 1985. "A Foundation for Three Popular Assumptions in Job-Matching Models," Working Papers 85-13, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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  17. Kortum, Samuel & Lerner, Josh, 1999. "What is behind the recent surge in patenting?1," Research Policy, Elsevier, vol. 28(1), pages 1-22, January. [Downloadable!] (restricted)
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