When young individuals face binding debt constraints, their human capital investments will be insufficiently financed by private creditors. If generations overlap, then a well-designed fiscal policy may be able to improve human capital investments by replacing missing capital markets with an...

Addresses the question: will investment in HRD through company-based programmes of lifelong learning pay dividends to companies in terms of knowledge transfer from courses and more positive psychological contracts? Develops a model of the relationship between HRD investment, the content of...