The Economics of Has-Beens
AbstractEvolution of technology causes human capital to become obsolete. We study this phenomenon in an overlapping generations setting, assuming it is hard to predict how technology will evolve, and that older workers find updating uneconomic. Among our results is the proposition that (under certain conditions) a more rapid pace of technological advance is especially unfavorable to the old in the sense that the implied within-industry division of output or income between young and old becomes much more skewed, i.e., a smaller number of young earn comparatively more. We apply our results to architecture, an occupation in which the has-beens phenomenon has had a particularly acute impact.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8464.
Date of creation: Sep 2001
Date of revision:
Publication status: published as MacDonald, Glenn and Michael S. Weisbach. "The Economics Of Has-Beens," Journal of Political Economy, 2004, v112(2,Part2), S289-S310.
Note: CF LS
Contact details of provider:
Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Web page: http://www.nber.org
More information through EDIRC
Other versions of this item:
- D2 - Microeconomics - - Production and Organizations
- L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
This paper has been announced in the following NEP Reports:
- NEP-ALL-2001-09-10 (All new papers)
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Thierry Madiès & Marie Claire Villeval & Malgorzata Wasmer, 2013.
"Intergenerational Attitudes Towards Strategic Uncertainty and Competition: A Field Experiment in a Swiss Bank,"
- Madiès, Thierry & Villeval, Marie Claire & Wasmer, Malgorzata, 2013. "Intergenerational attitudes towards strategic uncertainty and competition: A field experiment in a Swiss bank," European Economic Review, Elsevier, vol. 61(C), pages 153-168.
- Mário Centeno & Márcio Corrêa, 2005.
"Job Matching, Technological Progress And Worker-Provided On-The-Job Training,"
Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33th Brazilian Economics Meeting]
171, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
- Centeno, Mário & Corrêa, Márcio, 2010. "Job matching, technological progress, and worker-provided on-the-job training," Economics Letters, Elsevier, vol. 109(3), pages 190-192, December.
- Luc Behaghel, 2006.
"Changement technologique et formation tout au long de la vie,"
Presses de Sciences-Po, vol. 57(6), pages 1351-1382.
- Luc Behaghel, 2006. "Changement technologique et formation tout au long de la vie," Working Papers 18585, Institut National de la Recherche Agronomique, France.
- Luc Behahel, 2006. "Changement technologique et formation tout au long de la vie," Research Unit Working Papers 0602, Laboratoire d'Economie Appliquee, INRA.
- Kristiina Huttunen, 2005. "R&D Activity, Exports, and Changes in Skill Demand in Finland," Finnish Economic Papers, Finnish Economic Association, vol. 18(2), pages 72-85, Autumn.
- Timothy J. Perri, 2002.
"The Cost of Specialized Human Capital,"
02-02, Department of Economics, Appalachian State University.
- Alders, Peter, 2005. "Human capital growth and destruction: the effect of fertility on skill obsolescence," Economic Modelling, Elsevier, vol. 22(3), pages 503-520, May.
- Lutz Schneider, 2007. "Alterung und technologisches Innovationspotential : Eine Linked-Employer-Employee-Analyse," IWH Discussion Papers 2, Halle Institute for Economic Research.
- Brox, James A. & Carvalho, Emanuel, 2008. "A Demographically Augmented Shift-Share Employment Analysis: An Application to Canadian Employment Patterns," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 38(1).
- Jun Han & Wing Suen, 2011. "Age structure of the workforce in growing and declining industries: evidence from Hong Kong," Journal of Population Economics, Springer, vol. 24(1), pages 167-189, January.
- Weinberg, Bruce A., 2004. "Experience and Technology Adoption," IZA Discussion Papers 1051, Institute for the Study of Labor (IZA).
- Grip Andries de, 2006. "Evaluating Human Capital Obsolescence," ROA Working Paper 001, Maastricht University, Research Centre for Education and the Labour Market (ROA).
- Inés P. Murillo, 2011. "Human capital obsolescence: some evidence for Spain," International Journal of Manpower, Emerald Group Publishing, vol. 32(4), pages 426-445, July.
- Tervio, Marko, 2003. "Mediocrity in Talent Markets," Institute for Research on Labor and Employment, Working Paper Series qt7411j2vx, Institute of Industrial Relations, UC Berkeley.
- Meyer, Jenny, 2008. "The Adoption of New Technologies and the Age Structure of the Workforce," ZEW Discussion Papers 08-045, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.