Testing Some Predictions of Human Capital Theory: New Training Evidence from Britain
Alison Booth () and
Mark Bryan ()
The Review of Economics and Statistics, 2005, vol. 87, issue 2, 391-394
We confront the predictions of various theories with new training data from the British Household Panel Survey. We find that employer-financed training is associated with significantly higher wages at current and future firms, with a larger impact in future firms. This is consistent with human capital theory with credit constraints and with the new training literature assuming imperfectly competitive labor markets. © 2005 President and Fellows of Harvard College and the Massachusetts Institute of Technology.
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