Wage Expectations in Light of Human Capital Measurement Theory | Zendy

Jurij Renkas | Zendy

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Wage Expectations in Light of Human Capital Measurement Theory

Author(s) -

Jurij Renkas

Publication year - 2013

Publication title -

argumenta oeconomica cracoviensia

Language(s) - English

Resource type - Journals

eISSN - 2545-3866

pISSN - 1642-168X

DOI - 10.15678/aoc.2013.0902

Subject(s) - human capital , economics , wage , function (biology) , consistency (knowledge bases) , measure (data warehouse) , order (exchange) , production function , capital (architecture) , efficiency wage , labour economics , value (mathematics) , econometrics , microeconomics , production (economics) , computer science , history , archaeology , finance , database , evolutionary biology , artificial intelligence , machine learning , biology , economic growth

The aim of the paper is to examine the consistency between wage computations using an economic constant versus expected wages. Furthermore, the research compares the legal real minimum wage and wages computed in accordance with human capital theory. The author builds an econometric model of wages as a function of two variables. In addition, in order to facilitate the reader’s understanding of the article, a human capital measurement model is presented along with a measurement of fair wages. The results show that the human capital model is useful as a comprehensive measure of value and present a technique for its reliable measurement. The paper’s findings may make a significant contribution to the debate on how to measure human capital properly.

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