LABOR ECONOMICS LOOSE PRINT UPGRADE
20th Edition
ISBN: 9781264115211
Author: BORJAS
Publisher: MCG
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Question
Chapter 7, Problem 1RQ
To determine
The difference between and the effects of general training and specific training.
Expert Solution & Answer
Explanation of Solution
General training is valuable in all firms. It is portable and can be carried to any firm at any time. On the other hand, specific training is valuable only in the firm that delivers the course. Thus, the specific skill is unusable once the worker leaves the firm. Workers pay for and collect the returns from general training whereas, workers and firms share both the costs and the returns of specific training.
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Chapter 7 Solutions
LABOR ECONOMICS LOOSE PRINT UPGRADE
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