MEASURING HUMAN CAPITAL AND ITS EFFECTS ON WAGE GROWTH

Rusty Tchernis

Journal of Economic Surveys, 2010, vol. 24, issue 2, 362-387

Abstract: Abstract Ever since Mincer, years of labour market experience were used to approximate individual's general human capital, while years of seniority were used to approximate job‐specific human capital. This specification is restrictive because it assumes that starting wages at a new job depend only on job market experience. In this paper, I investigate the effects of human capital on wage growth by using a more flexible specification of the wage equation, which allows for a rich set of information on past employment spells to affect the starting wages. In addition, I endogenize the labour mobility decision. In order to illuminate the effects of human capital accumulation patterns on wage growth, I compare counterfactual career paths for representative individuals.

Date: 2010
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https://doi.org/10.1111/j.1467-6419.2009.00617.x

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