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Title: Human Capital and the Life-Cycle
Authors: Killingsworth, Mark R.
Issue Date: 1-Nov-1975
Series/Report no.: Working Papers (Princeton University. Industrial Relations Section) ; 81
Abstract: In what follows I develop a life-cycle model of labor supply and human capital accumulation. The model assumes that the individual maximizes lifetime utility by allocating time to work, leisure and human capital formation; and the model allows for two different kinds of human capital -- "training" and "experience" (i.e., "learning by doing"). The model thus effects a synthesis of diverging viewpoints in the analysis of labor supply in two important respects. First; it offers a unified treatment of the relationship between wage rates, hours of work and investment in human capital; and second, it provides a comprehensive treatment of the nature and significance of "human capital" itself.
Appears in Collections:IRS Working Papers

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