Memorandum,
Oslo University, Department of Economics

Abstract: We analyze how frictions in the labour market influence the accumulation of general human capital. We find that investments in human capital benefits future employers, and that this positive externality leads to under-investments in human capital, and possibly top multiple, Pareto rankable equilibria.

Keywords: HUMAN RESOURCES; UNEMPLOYMENT; BARGAINING

JEL-codes: J20; J24; J64; J41

22 pages, 1996

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