The theory of human capital revisited:: On the interaction of general and specific investments

• 成果类型: Article
• 署名作者: Kessler, Anke S.; Lulfesmann, Christoph
• 署名单位: Simon Fraser University; Centre for Economic Policy Research - UK
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2006.01116.x
• 发表日期: 2006
• 页码: 903-923
• 关键词: Contracts; wages; options; COSTS; FIRMS

摘要

Human capital theory distinguishes between training in general-usage and firm-specific skills. Becker (1964) argues that employers will only invest in specific training, not general training, when labour markets are competitive. The article reconsiders Becker's theory. Using essentially his framework, we show that there exists an incentive complementarity between employer-sponsored general and specific training: the possibility to provide specific training leads the employer to invest in general human capital. Conversely, the latter reduces the hold-up problem that arises with firm-specific training. We also consider the desirability of institutionalised training programmes and the virtues of breach penalties, and discuss some empirical facts that could be explained by the theory.