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Human Capital and Labor Supply: A Synthesis

  • Alan Blinder
  • Yoram Weiss

It is by now widely recognized that investment decisions play a major role in the determination of individual age-earnings profiles. The purpose of this paper is to present a simple life-cycle model of investment in human capital in which leisure choices are explicitly incorporated. In so doing, we integrate two previously disparate branches of life-cycle theory: models of labor supply with exogenous wages, and models of human capital formation with exogenous leisure. Of course, to accomplish this, we must posit utility maximization as the individual's goal rather than income maximization.

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File URL: http://arks.princeton.edu/ark:/88435/dsp01ws859f67r
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Paper provided by Princeton University, Department of Economics, Industrial Relations Section. in its series Working Papers with number 435.

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Date of creation: Nov 1974
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Handle: RePEc:pri:indrel:dsp01ws859f67r
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  1. Weiss, Yoram, 1971. "Learning by doing and occupational specialization," Journal of Economic Theory, Elsevier, vol. 3(2), pages 189-198, June.
  2. Ryder, Harl E & Stafford, Frank P & Stephan, Paula E, 1976. "Labor, Leisure and Training over the Life Cycle," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(3), pages 651-74, October.
  3. Weiss, Yoram, 1971. "Investment in Graduate Education," American Economic Review, American Economic Association, vol. 61(5), pages 833-52, December.
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