Training Programs, Skills, and Human Capital: A Life-Cycle Approach
Gueorgui Kambourov and
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Florian Hoffmann: University of British Columbia
No 1334, 2014 Meeting Papers from Society for Economic Dynamics
We argue that standard models with one-dimensional skills and human capital cannot explain these distinct patterns. Instead we develop a model in which human capital is occupation-specific, but in which non-routine occupations require upfront occupation-specific human capital built-up. Furthermore, accumulation of human capital in non-routine occupations requires different skills than in routine occupations. Training programs and their government-sponsored general educational component help building human capital up-front and developing skills for processing complex task. We show that our model can explain the rich set of facts about labor market dynamics found in the data.
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed014:1334
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