Booth, Alison L.; Francesconi, Marco; Zoega, Gylfi - Institute for the Study of Labor (IZA) - 2002
of the returns to general training and be willing to pay for it despite its general nature. However this outcome is not … efficient, in the sense that too few workers are trained and workers who are hired receive too little training. We consider how … different institutions can affect this inefficiency. Industry-level minimum wages can remove the training inefficiency and …