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Age, Experience and Wage Growth

  • Edward P. Lazear

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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File URL: http://www.nber.org/papers/w0051.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0051.

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Date of creation: Aug 1974
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Publication status: published as Lazear, Edward. "Age, Experience and Wage Growth." American Economic Review , (September 1976). The American Economic Review. Vol.66, number4, pp.548-558, September 1976
Handle: RePEc:nbr:nberwo:0051
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  1. Jacob Mincer & Solomon Polachek, 1974. "Family Investments in Human Capital: Earnings of Women," NBER Chapters, in: Marriage, Family, Human Capital, and Fertility, pages 76-110 National Bureau of Economic Research, Inc.
  2. 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.
  3. 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 251-66, Part I, M.
  4. 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.
  5. Jacob Mincer & Solomon Polacheck, 1974. "Family Investments in Human Capital: Earnings of Women," NBER Chapters, in: Economics of the Family: Marriage, Children, and Human Capital, pages 397-431 National Bureau of Economic Research, Inc.
  6. Lee A. Lillard, 1974. "The Distribution of Earnings and Human Wealth in Cycle Context," NBER Working Papers 0047, National Bureau of Economic Research, Inc.
  7. Lindsay, C M, 1971. "Measuring Human Capital Returns," Journal of Political Economy, University of Chicago Press, vol. 79(6), pages 1195-1215, Nov.-Dec..
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