Human Capital and Labor Supply: A Synthesis.

Item request has been placed! ×
Item request cannot be made. ×
loading   Processing Request
  • Additional Information
    • Abstract:
      The joint determination of work and investment in human capital over the life cycle is analyzed. At low rates of impatience investment is decreasing throughout life, as in simpler models which assume hours of work to be fixed. The demand for leisure over the life cycle is "U shaped." Wages rise to a single peak which occurs after the peak in hours of work. Distinctly different patterns arise when the rate of impatience is high. Such individuals may prefer an increasing hours of work profile, and schooling need not be concentrated at the beginning of life. Conditions are provided to determine a critical level of time preference which is sufficient to induce a "normal" life-cycle pattern for investment and work. [ABSTRACT FROM AUTHOR]
    • Abstract:
      Copyright of Journal of Political Economy is the property of University of Chicago and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)