General training and oligopsony |
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Institution: | Columbia University, Columbia Business School, Department of Economics and School of International and Public Affairs, Uris Hall, Room 212 Columbia University 3022 Broadway, New York, NY 10027, USA |
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Abstract: | I consider a duopsony model of a general skilled labour market. The source of the market power of the firms is the mobility cost of the workers. In the model general training is inefficient and the firms bear a share of the general training cost. If capital market imperfections prevent workers from investing in human capital, the imperfect competition in the skilled labour market compared with the perfect competition promotes general training. In order to remove the inefficiency of personnel training it is necessary to link together a minimum wage for skilled workers and loans to apprentices. |
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