In this paper we provide an overview of China’s human capital strategy and educationalachievements over the last two decades. While every one acknowledges China as aneconomic superpower, very few are aware of or realize China’s notable achievements ineducation as well as its...

We estimate the effects of labor market entry conditions on wages for male individuals firstentering the Austrian labor market between 1978 and 2000. We find a large negative effect ofunfavorable entry conditions on starting wages as well as a sizeable negative long-run effect.Specifically, we...

The career prospects of newly recruited employees differ substantially within an organization.The stars experience a considerable growth in earnings; others can hardly maintain theirentry salaries. This article sheds light on the mechanisms generating the observedheterogeneity in earnings...

This paper uses firm level panel data of firm provided training to estimate its impact onproductivity and wages. To this end the strategy proposed by Ackerberg, Caves and Frazer(2006) for estimating production functions to control for the endogeneity of input factors andtraining is applied. The...

How valuable is education for entrepreneurs’ performance as compared to employees’?What might explain any differences? And does education affect peoples’ occupationalchoices accordingly? We answer these questions based on a large panel of US labor forceparticipants. We show that education...

We use a unique firm-level data set merging administrative information on average wagespaid by firms by skill level (blue collars and white collars), Population Census information onthe local stock of human capital available to firms and survey information on firmcharacteristics to investigate...

We combine two empirical observations in a general equilibrium occupational choice model.The first is that entrepreneurs have more control than employees over the employment ofand accruals from assets, such as human capital. The second observation is thatentrepreneurs enjoy higher returns to...

The link between measured risk aversion and the decision to become an entrepreneur iswell established, but the link between risk preferences and entrepreneurial success is not.Standard theoretical models of occupational choice under uncertainty imply a positivecorrelation between an...

Entrepreneurship is a hot topic both in academic and policy circles.1 There is a growingrecognition that entrepreneurship is a driving force in economic growth and development in bothestablished and emerging economies. There is also an increasing body of evidence suggestingentrepreneurship that...

The paper draws upon the work of T.W. Schultz to show that human capital theory andlabor market adjustments have important implications for investing in people for the 21st Century.[...]