Minns, Chris and Wallis, Patrick
The price of human capital in a pre-industrial economy: premiums and apprenticeship contracts in 18th century England.
Explorations in Economic History, 50
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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.
||© 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
||Departments > Economic History
Collections > Economists Online
||Suntory and Toyota International Centres for Economics and Related Disciplines (STICERD)/ London School of Economics and Political Science
||05 Apr 2013 14:18
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