Abstract
Research on labor markets has shown that much about age patterns of earnings can be understood in terms of the accumulation of job skills over a lifetime, particularly through investments in schooling and on-the-job training (Backer, 1975; Mincer, 1970, 1974). In this framework, individuals enhance their productivity and earnings before and during their work careers by accumulating job skills through investments in schooling and on-the-job training. Jobs are seen as offering two types of payoffs that are relevant for future earnings—an earnings component and a training component. The training component, which provides no immediate financial reward but increases a worker’s future productivity and earnings capacity, can be a significant part of the worker’s total compensation package. For example, Lazear (1976) estimated that training constituted about one-third of the total compensation package for young men.
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© 1984 Plenum Press, New York
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Andrisani, P.J., Sandell, S.H. (1984). Technological Change and the Labor Market Situation of Older Workers. In: Robinson, P.K., Livingston, J., Birren, J.E., Regnier, V.A., Small, A.M., Sterns, H.L. (eds) Aging and Technological Advances. NATO Conference Series, vol 24. Springer, Boston, MA. https://doi.org/10.1007/978-1-4613-2401-0_9
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DOI: https://doi.org/10.1007/978-1-4613-2401-0_9
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