The Role of Education in Selection and Allocation in the Labour Market: An Empirical Study in the Medical Field
In this study, we explore the role of education in explaining the labour market outcomes for a sample of graduates in medicine. More specifically, the following research question is answered: To what extent are labour market outcomes of physicians explained by the skills acquired in education, as indicated in the theory of human capital, or by competences already present at the start of education, as suggested by the screening theory? The study uses separate measurements of competence at the start and at the end of education. Moreover, we use a direct measurement of competence development during medical education. This enables us to disentangle the effects of the suggested mechanisms. The results suggest that after graduation human capital factors do not explain subsequent differences in labour market outcomes. The medical degree seems a sufficient signal of screening device as such. However, selection processes during education take place on human capital acquired before and during medical education.
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Volume (Year): 13 (2005)
Issue (Month): 4 ()
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- Andrew Weiss, 1995. "Human Capital vs. Signalling Explanations of Wages," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 133-154, Fall.
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- Quinn, Robert & Price, Jamie, 1998. "The demand for medical education: an augmented human capital approach," Economics of Education Review, Elsevier, vol. 17(3), pages 337-347, June.
- James Thornton, 2000. "Physician choice of medical specialty: do economic incentives matter?," Applied Economics, Taylor & Francis Journals, vol. 32(11), pages 1419-1428.
- Gjerberg, Elisabeth, 2002. "Gender similarities in doctors' preferences -- and gender differences in final specialisation," Social Science & Medicine, Elsevier, vol. 54(4), pages 591-605, February. Full references (including those not matched with items on IDEAS)
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