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HUMAN CAPITAL PRODUCTION: LIFE‐CYCLE PRODUCTION WITH DIFFERENT LEARNING TECHNOLOGIES
Author(s) -
STEPHAN PAULA E.
Publication year - 1976
Publication title -
economic inquiry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.823
H-Index - 72
eISSN - 1465-7295
pISSN - 0095-2583
DOI - 10.1111/j.1465-7295.1976.tb00441.x
Subject(s) - production (economics) , economics , human capital , earnings , value (mathematics) , means of production , physical capital , capital intensity , capital deepening , capital (architecture) , microeconomics , financial capital , capital formation , market economy , computer science , finance , archaeology , machine learning , history
This paper investigates the human capital formation process when the learning situation is not neutral but is instead biased either to the market or to the production process. In the case of a production bias, human capital is more productive when generating additional human capital than when generating market activity. In the case of a market bias, the reverse holds. Implications from the model are used to explain the occurrence of different shaped earnings profiles of equal net present value as well as income profiles of unequal present value.