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The price of human capital in a pre-industrial economy: premiums and apprenticeship contracts in 18th century England

Minns, Chris and Wallis, Patrick (2013) The price of human capital in a pre-industrial economy: premiums and apprenticeship contracts in 18th century England. Explorations in Economic History, 50 (3). pp. 335-350. ISSN 0014-4983

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Abstract

Training through apprenticeship provided the main mechanism for occupational human capital formation in pre-industrial England. This paper demonstrates how training premiums (fees) complemented the formal legal framework surrounding apprenticeship to secure training contracts. Premiums varied in response to scarcity rents, the expected productivity of masters and apprentices, and served as compensation for the anticipated risk of default. In most trades premiums were small enough to allow access to apprenticeship training for youths from modest families.

Item Type: Article
Official URL: http://www.journals.elsevier.com/explorations-in-e...
Additional Information: © 2013 Elsevier Inc.
Library of Congress subject classification: H Social Sciences > HC Economic History and Conditions
Journal of Economic Literature Classification System: J - Labor and Demographic Economics > J2 - Time Allocation, Work Behavior, and Employment Determination and Creation; Human Capital; Retirement > J24 - Human Capital; Skills; Occupational Choice; Labor Productivity
K - Law and Economics > K3 - Other Substantive Areas of Law > K31 - Labor Law
N - Economic History > N3 - Labor and Consumers, Demography, Education, Health, Income, and Wealth > N33 - Economic History: Labor and Consumers, Demography, Education, Health, Income and Wealth: Europe: Pre-1913
O - Economic Development, Technological Change, and Growth > O1 - Economic Development > O15 - Human Resources; Human Development; Income Distribution; Migration
Sets: Departments > Economic History
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Funders: Suntory and Toyota International Centres for Economics and Related Disciplines (STICERD)/ London School of Economics and Political Science
Date Deposited: 05 Apr 2013 14:18
URL: http://eprints.lse.ac.uk/49618/

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