Perspectives on Human Capital in Transition
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The contemporary structural change of developed economies is different from those in the past in many respects but in one: it vigorously transforms the world as we know it, compelling people to face new, perhaps less certain reality. Structural changes inevitably bring about demand for knowledge and skills different from those required in the era before. During the industrial revolution skilled artisans protested against technologies that made crafts acquired through years of learning redundant. Nevertheless, the human capital investment of those nineteenth century artisans is just a fraction of the human capital investment in skilled labor today. This is one of the reasons why the structural change of today is far costlier than any of those of the past. The degree of specificity of human capital is one of the central questions in labor economics. This is not surprising because the answer to this question is relevant from several policy and management perspectives. First, the more general human capital is, the less costly are job displacements due to firm closures and shrinking. This is because human capital generality means that the skills learnt at the pre-displacement job are also useful in a larger number of alternative jobs. This additionally suggests that countries with more portable skills across jobs should have smoother labor market adjustments in times of technological change and internationalization of the division of labor. Second, the more general human capital is, the more difficult it is for firms to tie employees to certain job positions. For instance, for more general jobs firm investments in training are less effective means of binding employees to their firms.
Abstract
The contemporary structural change of developed economies is different from those in the past in many respects but in one: it vigorously transforms the world as we know it, compelling people to face new, perhaps less certain reality. Structural changes inevitably bring about demand for knowledge and skills different from those required in the era before. During the industrial revolution skilled artisans protested against technologies that made crafts acquired through years of learning redundant. Nevertheless, the human capital investment of those nineteenth century artisans is just a fraction of the human capital investment in skilled labor today. This is one of the reasons why the structural change of today is far costlier than any of those of the past. The degree of specificity of human capital is one of the central questions in labor economics. This is not surprising because the answer to this question is relevant from several policy and management perspectives. First, the more general human capital is, the less costly are job displacements due to firm closures and shrinking. This is because human capital generality means that the skills learnt at the pre-displacement job are also useful in a larger number of alternative jobs. This additionally suggests that countries with more portable skills across jobs should have smoother labor market adjustments in times of technological change and internationalization of the division of labor. Second, the more general human capital is, the more difficult it is for firms to tie employees to certain job positions. For instance, for more general jobs firm investments in training are less effective means of binding employees to their firms.
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