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Age, Experience and Wage Growth

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  • Edward P. Lazear

Abstract

During the past decade, much has been said about the role that on-the-job training plays in augmenting one's stock of human capital. Up to this point, little has been done to distinguish the effect of on-the-job training from that of aging on the increase in human wealth. The reason rests primarily on the fact that it is difficult to observe or even define in some appropriate way the amount of on-the-job training that an individual possesses. In this paper, a method is developed by which one may compare the effects of work experience to those of aging per se. The difference is then attributed to on-the-job training.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0051.

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Date of creation: Aug 1974
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Publication status: published as Lazear, Edward. "Age, Experience and Wage Growth." American Economic Review , (September 1976). The American Economic Review. Vol.66, number4, pp.548-558, September 1976
Handle: RePEc:nbr:nberwo:0051

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  1. Jacob Mincer & Solomon Polacheck, 1974. "Family Investments in Human Capital: Earnings of Women," NBER Chapters, National Bureau of Economic Research, Inc, in: Economics of the Family: Marriage, Children, and Human Capital, pages 397-431 National Bureau of Economic Research, Inc.
  2. Lindsay, C M, 1971. "Measuring Human Capital Returns," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 79(6), pages 1195-1215, Nov.-Dec..
  3. Jacob Mincer & Solomon Polachek, 1974. "Family Investments in Human Capital: Earnings of Women," NBER Chapters, National Bureau of Economic Research, Inc, in: Marriage, Family, Human Capital, and Fertility, pages 76-110 National Bureau of Economic Research, Inc.
  4. Yoram Ben-Porath, 1967. "The Production of Human Capital and the Life Cycle of Earnings," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 75, pages 352.
  5. Parsons, Donald O, 1974. "The Cost of School Time, Foregone Earnings, and Human Capital Formation," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(2), pages 251-66, Part I, M.
  6. Lee A. Lillard, 1974. "The Distribution of Earnings and Human Wealth in Cycle Context," NBER Working Papers 0047, National Bureau of Economic Research, Inc.
  7. John C. Hause, 1973. "The Covariance Structure of Earnings and the On the Job Training Hypothesis," NBER Working Papers 0025, National Bureau of Economic Research, Inc.
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Cited by:
  1. Daniel S. Hamermesh, 1987. "Why Do Fixed-Effects Models Perform So Poorly? The Case of Academic Salaries," NBER Working Papers 2135, National Bureau of Economic Research, Inc.
  2. Alfonso Rosolia & Gilles Saint Paul, 1998. "The effect of unemployment spells on subsequent wages in Spain," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 295, Department of Economics and Business, Universitat Pompeu Fabra.
  3. Robert J. Willis & Sherwin Rosen, 1978. "Education and Self-Selection," NBER Working Papers 0249, National Bureau of Economic Research, Inc.
  4. W. Kip Viscusi, 1979. "Sorting Models of Labor Mobility, Turnover, and Unemployment," NBER Working Papers 0371, National Bureau of Economic Research, Inc.
  5. Lazear, Edward P, 1980. "Family Background and Optimal Schooling Decisions," The Review of Economics and Statistics, MIT Press, vol. 62(1), pages 42-51, February.
  6. Francisco M. Gonzalez & Shouyong Shi, 2007. "An Equilibrium Theory of Declining Reservation Wages and Learning," Working Papers, University of Toronto, Department of Economics tecipa-292, University of Toronto, Department of Economics.
  7. W. Kip Viscusi, 1979. "Specific Information, General Information, and Employment Matches Under Uncertainty," NBER Working Papers 0394, National Bureau of Economic Research, Inc.
  8. Sergi Jiménez-Martín & Alfonso R. Sánchez, 2001. "The Effect Of Pension Rules On Retirement Monetary Incentives With An Application To Pension Reforms In Spain," Economics Working Papers we013604, Universidad Carlos III, Departamento de Economía.
  9. Ann P. Bartel & George J. Borjas, 1978. "Wage Growth and Job Turnover: An Empirical Analysis," NBER Working Papers 0285, National Bureau of Economic Research, Inc.
  10. Weisberg, Jacob, 1995. "Returns to education in Israel: 1974 and 1983," Economics of Education Review, Elsevier, Elsevier, vol. 14(2), pages 145-154, June.
  11. Rosemary Walker & Liviu Florea, 2014. "Easy-Come-Easy-Go: Moral Hazard in the Context of Return to Education," Journal of Business Ethics, Springer, Springer, vol. 120(2), pages 201-217, March.
  12. Edward P. Lazear, 1975. "Schooling as a Wage Depressant," NBER Working Papers 0092, National Bureau of Economic Research, Inc.
  13. Bodvarsson, Orn B. & Walker, Rosemary L., 2004. "Do parental cash transfers weaken performance in college?," Economics of Education Review, Elsevier, Elsevier, vol. 23(5), pages 483-495, October.

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