Human capital theory Knowledge, ability and skills obtained through a person’s “investment” in acquiring them are caprimary responsibilities for child bearing and raising (historically women) are less likely to seek as much education. But, as the number of children decreases, women will seek more education. General vs. Firm-Specific Human Capital Introduction. Definitions G vs. SHC Conceptual definitions (general HC, firm SHC, and Industry SHC.) Are they practically separable? Implications Firms are not willing to invest in workers’ GHC. Labor turnover is adversely affected by investment in SHC. Mincer & Jovanovic (1981) report data that the annual separation rate drops by 90% from the first year to the 6th year with the firm. GHC has no effect on labor turnover. SHC investment and matching/turnover (Parsons. 1986, in the spirit of Mortensen 1978; Hashimoto and Yu, 1979; and Harshimoto, 1981.) Assumptions The worker and the firm must undertake an investment (in SHC, or “organizational capital”) if the worker is to be an efficient employee. Investment cost is c. After the investment, the worker’s productivity in the firm and that in the labor market are subject to random shocks. The former may be due to a reversal of demand for the firm’s product. The latter may be due to some structure in the economy. (Comment: two shocks are not necessary. It is the relative values of the worker’s productivity in and outside of the firm that matters.) The worker’s realized productivity is thus Vi = μi + θi, i = 0, 1 (w/ investment) Vi = 0, (w/o investment) μ0: worker’s expected productivity at the firm. μ1: worker’s expected productivity at another employment θ0: A random variable, shock to productivity at the employment θ1: A random variable, shock to productivity at other employment E(θ) = 0 The firm maximizes profit and the worker income. Results. μ0 – μ1 has to be greater than the cost to make investment in
Human capital theory (清华大学,王一江) 来自淘豆网m.daumloan.com转载请标明出处.
