The Structure of Wages and Investment in General Training
In the standard model of human capital with perfect labor markets general training. When labor market frictions compress the structure of wages in the general skills of their employees. The reason is that the distortion in the wage structure" turn technologically' general skills into specific' skills. Labor market frictions and institutions such as minimum wages and union wage setting, are crucial in shaping the wage structure thus have an important impact on training. Our results suggest that the more frictional and" regulated labor markets in Europe and Japan may generate more firm-sponsored general training" than the U.S.
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