Human capital as a critical engine of economic growth is present in many empirical and theoretical body of knowledge on growth models and theory. However, the conclusion on its importance as a driver of economic growth remains inconclusive. The aim of this study is to provide and detailed...

This paper considers the twofold problem of compensation contracting and the design of a human capital investment scheme. Before contracting the principal and the agent can engage in a joint stochastic production process of exerting effort to raise the agent's productivity in the firm. The...

This paper considers a firm's optimal investment in training and motivation measures in a hidden action agency problem. We study how these measures interact with each other and the contract in order to create value for the firm. Productivity enhancing training can be firm specific or non-firm...

Indian policymakers - like most of their counterparts across the developing and developed world - have been concerned with the employability of their working-age populations in particular, for obvious economic and sociopolitical reasons. However, such concern has been largely missing as far as...