The Economics of Has-Beens
Evolution of technology causes human capital to become obsolete. We study this phenomenon in an overlapping generations setting, assuming it is hard to predict how technology will evolve, and that older workers find updating uneconomic. Among our results is the proposition that (under certain conditions) a more rapid pace of technological advance is especially unfavorable to the old in the sense that the implied within-industry division of output or income between young and old becomes much more skewed, i.e., a smaller number of young earn comparatively more. We apply our results to architecture, an occupation in which the has-beens phenomenon has had a particularly acute impact
Year of publication: |
[2021]
|
---|---|
Authors: | MacDonald, Glenn ; Weisbach, Michael S. |
Publisher: |
[S.l.] : SSRN |
Subject: | Theorie | Theory | Technischer Fortschritt | Technological change | Bildungsinvestition | Human capital investment | Ältere Arbeitskräfte | Older workers | Bildungsertrag | Returns to education |
Saved in:
freely available
Extent: | 1 Online-Ressource (34 p) |
---|---|
Series: | NBER Working Paper ; No. w8464 |
Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 2001 erstellt |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10013215692