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Technological Change and the Careers of Older Workers

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Author Info
Ann P. Bartel
Nachum Sicherman

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Abstract

Recent research has shown that technological change has important labor market implications and in this paper we demostrate one on the avenues through which this occurs. According to the theory of human capital, technological charqe will influence the retirement decisions of older workers in two ways. First, workers in industries that are characterized by high rates of technological chanqe will have later retirement ages because these industries require larger amounts of on-the-job training. Second, an unexpected channge in the industry's rate of technological change will induce older workers to retire sooner because the required amount of retraining will be an unattractive investment. We matched time-series data on rates of technological change and required amounta of training in 35 industrial sectors with data from the NLS Older Men Survey to test these hypotheses. Our results strongly support both hypotheses.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3433.

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Date of creation: Jul 1993
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Handle: RePEc:nbr:nberwo:3433

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  1. Blinder, Alan S & Weiss, Yoram, 1976. "Human Capital and Labor Supply: A Synthesis," Journal of Political Economy, University of Chicago Press, vol. 84(3), pages 449-72, June. [Downloadable!] (restricted)
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  2. Bartel, Ann P & Lichtenberg, Frank R, 1987. "The Comparative Advantage of Educated Workers in Implementing New Technology," The Review of Economics and Statistics, MIT Press, vol. 69(1), pages 1-11, February. [Downloadable!] (restricted)
  3. Mitchell, Olivia S & Fields, Gary S, 1984. "The Economics of Retirement Behavior," Journal of Labor Economics, University of Chicago Press, vol. 2(1), pages 84-105, January. [Downloadable!] (restricted)
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  4. Mincer, Jacob & Higuchi, Yoshio, 1988. "Wage structures and labor turnover in the United States and Japan," Journal of the Japanese and International Economies, Elsevier, vol. 2(2), pages 97-133, June. [Downloadable!] (restricted)
  5. Edward P. Lazear, 1982. "Severance Pay, Pensions, and Efficient Mobility," NBER Working Papers 0854, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Yoram Ben-Porath, 1967. "The Production of Human Capital and the Life Cycle of Earnings," Journal of Political Economy, University of Chicago Press, vol. 75, pages 352. [Downloadable!] (restricted)
  7. Edward P. Lazear, 1983. "Pensions as Severance Pay," NBER Chapters, in: Financial Aspects of the United States Pension System, pages 57-90 National Bureau of Economic Research, Inc. [Downloadable!]
  8. McKinley L. Blackburn & David E. Bloom, 1989. "The Effects of Technological Change on Earnings and Income Inequality inthe United States," NBER Working Papers 2337, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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