As Gary Becker first noted in his seminal article on investment in human capital, the effect of training on wages and mobility can be expected to depend crucially on the degree to which the training is specific or general. While Becker's model is well accepted by labor economists, the topic of...

The increasing and concave age earnings profile is one of the most commonly accepted facts in economics. The human capital model attributes rising wage-tenure and wage-experience profiles to investments in worker productivity. Therefore, an implicit assumption in the human capital model is that...