Human Capital and Labour Productivity, Integration of Institutions and Endogenous Growth
AbstractThis paper is part of a project that attempts to reveal the way labour market institutions, human capital and labour productivity are interconnected. First we discuss two approaches in the human capital theory, stressing some difficulties that could be solved if the approaches are combined. It is argued that the Nelson-Phelps approach could be improved by adding elements from the Lucas model. We think that the production factor of human capital needs a more detailed description than usual in empirical research, e.g. further schooling and training, experience and external effects. Empirical tests show that the frequently obtained conclusion that investments in higher education are too low are doubtful. The tests also show the importance of further education and training, especially on-the-job training.
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Bibliographic InfoPaper provided by EconWPA in its series HEW with number 9908001.
Length: 21 pages
Date of creation: 05 Aug 1999
Date of revision:
Note: Type of Document - Acrobat Reader *.pdf; prepared on PC and Macintosh; to print on Postscript; pages: 21; figures: Empirical results in tables. Paper for the EALE conference in Regensburg, 23-26 September, 1999.
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human capital; labour productivity; specificity; turnover; labour markets; education; off-the-job training; on-the-job training; models; experience; learning by doing;
Find related papers by JEL classification:
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
- J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
- J63 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Turnover; Vacancies; Layoffs
This paper has been announced in the following NEP Reports:
- NEP-ALL-2001-02-14 (All new papers)
- NEP-EFF-2001-05-16 (Efficiency & Productivity)
- NEP-LAB-2001-02-14 (Labour Economics)
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