This paper derives a model in which workers have firm-specific and industry-specific skills, and in each period there is a non-zero probability that a worker quits. This makes the private discount factor, used by firms in making decisions about hiring and training new workers and firing existing...

In this paper we relate trends in the accumulation of human capital in Britain, Germany and the United States to overall production strategy and productivity trends. In the United States a strategy of standardized mass production led to high levels of labour productivity and concentration on the...

We investigate two dimensions of investment in general human capital on-the-job: the number of workers trained and the intensity of training for each worker. In the benchmark case, we consider wage and training decisions made by firms in an imperfectly competitive labour market. The benchmark...