Skill Obsolescence, Vintage Effects and Changing Tasks
Human capital is no doubt one of the most important factors for future economic growth and well-being. However, human capital is also prone to becoming obsolete over time. Skills that have been acquired at one point in time may perfectly match the skill requirements at that time but may become obsolete as time goes by. Thus, in the following paper, we study the depreciation processes of the human capital of workers performing different types of tasks with different skill requirements over a period of more than twenty years. We argue that two types of tasks must be distinguished: knowledge-based tasks and experience-based tasks. Knowledge-based tasks demand skills depending on the actual stock of technological knowledge in a society whereas experience-based tasks demand skills depending on personal factors and individual experience values. We show, by applying Mincer regressions on four different cross sections, that the human capital of people performing knowledge-based tasks suffers more from depreciation than the human capital of individuals performing experience-based tasks.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 55 (2009)
Issue (Month): 1 ()
|Contact details of provider:|| Web page: http://www.duncker-humblot.de|
|Order Information:|| Web: http://www.duncker-humblot.de/index.php/zeitschriften/wirtschafts-undsozialwissenschaften/appliedeconomicsquarterly.html Email: |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Wenli Li & Pierre-Daniel G. Sarte, 2002.
"The macroeconomics of U.S. consumer bankruptcy choice : chapter 7 or chapter 13?,"
02-01, Federal Reserve Bank of Richmond.
- Wenli Li & Pierre-Daniel G. Sarte, 2003. "The macroeconomics of U.S. consumer bankruptcy choice: Chapter 7 or Chapter 13?," Working Papers 03-14, Federal Reserve Bank of Philadelphia.
- Maria Arrazola & Jose de Hevia, 2004. "More on the estimation of the human capital depreciation rate," Applied Economics Letters, Taylor & Francis Journals, vol. 11(3), pages 145-148.
- Alexandra Spitz-Oener, 2006. "Technical Change, Job Tasks, and Rising Educational Demands: Looking outside the Wage Structure," Journal of Labor Economics, University of Chicago Press, vol. 24(2), pages 235-270, April.
- Ning Wang, 2003. "Coase on the nature of economics," Cambridge Journal of Economics, Oxford University Press, vol. 27(6), pages 807-829, November.
- Laing, Derek & Palivos, Theodore & Wang, Ping, 2003.
"The economics of 'new blood',"
Journal of Economic Theory,
Elsevier, vol. 112(1), pages 106-156, September.
- Derek Laing & Theodore Palivos & Ping Wang, 2001. "The Economics of "New Blood"," Vanderbilt University Department of Economics Working Papers 0132, Vanderbilt University Department of Economics.
- Taylor, J Edward & et al, 2003. "The Economics of Ecotourism: A Galapagos Islands Economy-Wide Perspective," Economic Development and Cultural Change, University of Chicago Press, vol. 51(4), pages 977-997, July.
- Lin, Chung-cheng & Chen, Tze-wei & Lai, Ching-chong, 2003. "The economics of honeybee swarming," Regional Science and Urban Economics, Elsevier, vol. 33(5), pages 581-594, September.
- Sherwin Rosen, 1975. "Measuring the Obsolescence of Knowledge," NBER Chapters, in: Education, Income, and Human Behavior, pages 199-232 National Bureau of Economic Research, Inc.
- Rosen, Sherwin, 1976. "A Theory of Life Earnings," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 45-67, August.
- Loo,J,van & Grip,A.,de & Steur,M.,de, 2001. "Skills Obsolescence: Causes and Cures," ROA Research Memorandum 003, Maastricht University, Research Centre for Education and the Labour Market (ROA).
- 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.
- Yew-Kwang Ng, 2003. "From preference to happiness: Towards a more complete welfare economics," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 20(2), pages 307-350, March.
- Neuman, Shoshana & Weiss, Avi, 1995. "On the effects of schooling vintage on experience-earnings profiles: Theory and evidence," European Economic Review, Elsevier, vol. 39(5), pages 943-955, May.
- Wim Groot, 1998. "Empirical estimates of the rate of depreciation of education," Applied Economics Letters, Taylor & Francis Journals, vol. 5(8), pages 535-538.
- Richard Pomfret & Liang Choon Wang, 2003. "Evaluating The Research Output Of Australian Universities' Economics Departments," Australian Economic Papers, Wiley Blackwell, vol. 42(4), pages 418-441, December.
When requesting a correction, please mention this item's handle: RePEc:aeq:aeqaeq:v55_y2009_i1_q1_p83-103. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Deborah Anne Bowen)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.