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Age, Experience, and Wage Growth

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  • Lazear, Edward P

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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Suggested Citation

  • Lazear, Edward P, 1976. "Age, Experience, and Wage Growth," American Economic Review, American Economic Association, vol. 66(4), pages 548-558, September.
  • Handle: RePEc:aea:aecrev:v:66:y:1976:i:4:p:548-58
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    References listed on IDEAS

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    1. 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.
    2. Mincer, Jacob & Polachek, Solomon, 1974. "Family Investment in Human Capital: Earnings of Women," Journal of Political Economy, University of Chicago Press, vol. 82(2), pages 76-108, Part II, .
    3. Lindsay, C M, 1971. "Measuring Human Capital Returns," Journal of Political Economy, University of Chicago Press, vol. 79(6), pages 1195-1215, Nov.-Dec..
    4. Lee A. Lillard, 1974. "The Distribution of Earnings and Human Wealth in Cycle Context," NBER Working Papers 0047, National Bureau of Economic Research, Inc.
    5. Parsons, Donald O, 1974. "The Cost of School Time, Foregone Earnings, and Human Capital Formation," Journal of Political Economy, University of Chicago Press, vol. 82(2), pages 251-266, Part I, M.
    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 352-352.
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    Citations

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    Cited by:

    1. Ann P. Bartel & George J. Borjas, 1981. "Wage Growth and Job Turnover: An Empirical Analysis," NBER Chapters,in: Studies in Labor Markets, pages 65-90 National Bureau of Economic Research, Inc.
    2. Sicilian, Paul, 1995. "Employer search and worker-firm match quality," The Quarterly Review of Economics and Finance, Elsevier, vol. 35(35), pages 515-532.
    3. repec:eee:labchp:v:1:y:1986:i:c:p:305-355 is not listed on IDEAS
    4. P.W. Miller & C. Mulvey, 1989. "Union Density and the Union/Non-Union Wage Differential in Australia," Economics Discussion / Working Papers 89-17, The University of Western Australia, Department of Economics.
    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. W. Kip Viscusi, 1979. "Specific Information, General Information, and Employment Matches Under Uncertainty," NBER Working Papers 0394, National Bureau of Economic Research, Inc.
    7. W. Kip Viscusi, 1979. "Sorting Models of Labor Mobility, Turnover, and Unemployment," NBER Working Papers 0371, National Bureau of Economic Research, Inc.
    8. Edward P. Lazear, 1975. "Schooling as a Wage Depressant," NBER Working Papers 0092, National Bureau of Economic Research, Inc.
    9. 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.
    10. Francisco M. Gonzalez & Shouyong Shi, 2007. "An Equilibrium Theory of Declining Reservation Wages and Learning," Working Papers tecipa-292, University of Toronto, Department of Economics.
    11. Rebel A. Cole & Hamid Mehran, 2016. "What do we know about executive compensation at small privately held firms?," Small Business Economics, Springer, vol. 46(2), pages 215-237, February.
    12. Weisberg, Jacob, 1995. "Returns to education in Israel: 1974 and 1983," Economics of Education Review, Elsevier, vol. 14(2), pages 145-154, June.
    13. Willis, Robert J & Rosen, Sherwin, 1979. "Education and Self-Selection," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 7-36, October.
    14. Alfonso Rosolia & Gilles Saint Paul, 1998. "The effect of unemployment spells on subsequent wages in Spain," Economics Working Papers 295, Department of Economics and Business, Universitat Pompeu Fabra.
    15. Bodvarsson, Orn B. & Walker, Rosemary L., 2004. "Do parental cash transfers weaken performance in college?," Economics of Education Review, Elsevier, vol. 23(5), pages 483-495, October.
    16. Sergi Jiménez-Martín & Alfonso R. Sánchez Martín, 2004. "The effect of pension rules on retirement monetary incentives with an application to pension reforms in Spain," Hacienda Pública Española, IEF, vol. 169(2), pages 35-66, June.
    17. repec:eee:labchp:v:2:y:1986:i:c:p:1139-1181 is not listed on IDEAS
    18. Rosemary Walker & Liviu Florea, 2014. "Easy-Come-Easy-Go: Moral Hazard in the Context of Return to Education," Journal of Business Ethics, Springer, vol. 120(2), pages 201-217, March.

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