Skills and Earnings: A Multidimensional Perspective on Human Capital

Ludger Woessmann

No 514, Rationality and Competition Discussion Paper Series from CRC TRR 190 Rationality and Competition

Abstract: The multitude of tasks performed in the labor market requires skills in many dimensions. Traditionally, human capital has been proxied primarily by educational attainment. However, an expanding body of literature highlights the importance of various skill dimensions for success in the labor market. This paper examines the returns to cognitive, personality, and social skills as three important dimensions of basic skills. Recent advances in text analysis of online job postings and professional networking platforms offer novel methods for assessing a wider range of applied skill dimensions and their labor market relevance. A synthesis and integration of the evidence on the relationship between multidimensional skills and earnings, including the matching of skill supply and demand, will enhance our understanding of the role of human capital in the labor market.

Keywords: skills; human capital; education; labor market; earnings; tasks; cognitive skills; personality; social skills; multidimensional skills (search for similar items in EconPapers)
JEL-codes: I26 J24 (search for similar items in EconPapers)
Date: 2024-10-31
New Economics Papers: this item is included in nep-lma and nep-neu
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Related works:
Working Paper: Skills and Earnings: A Multidimensional Perspective on Human Capital (2024)
Working Paper: Skills and Earnings: A Multidimensional Perspective on Human Capital (2024)
Working Paper: Skills and Earnings: A Multidimensional Perspective on Human Capital (2024)
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