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Human Capital and the Managerial Revolution in the United States: Evidence from General Electric

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  • Tom Nicholas

    (Harvard Business School)

Abstract

This paper estimates the returns to human capital accumulation during the first era of mega-firms in the United States by linking employees at General Electric—a canonical enterprise associated with the “visible hand” of managerial hierarchies—to the 1940 census. I find large returns to higher education through seniority in the hierarchy, span of control, earnings, and selection into management training, using the proximity of land-grant colleges and historical universities to birth states for identification. The findings highlight the human capital determinants of the managerial revolution at a prominent firm, driven by earlier public investments in the U.S. education system.

Suggested Citation

  • Tom Nicholas, 2026. "Human Capital and the Managerial Revolution in the United States: Evidence from General Electric," The Review of Economics and Statistics, MIT Press, vol. 108(2), pages 291-310, March.
    • Handle: RePEc:tpr:restat:v:108:y:2026:i:2:p:291-310
    DOI: 10.1162/rest_a_01400
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