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Skills and Earnings: A Multidimensional Perspective on Human Capital

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  • Woessmann, Ludger

    (University of Munich)

Abstract

The multitude of tasks performed in the labor market requires skills in many dimensions. Traditionally, human capital has been proxied primarily by educational attainment. However, an expanding body of literature highlights the importance of various skill dimensions for success in the labor market. This paper examines the returns to cognitive, personality, and social skills as three important dimensions of basic skills. Recent advances in text analysis of online job postings and professional networking platforms offer novel methods for assessing a wider range of applied skill dimensions and their labor market relevance. A synthesis and integration of the evidence on the relationship between multidimensional skills and earnings, including the matching of skill supply and demand, will enhance our understanding of the role of human capital in the labor market.

Suggested Citation

  • Woessmann, Ludger, 2024. "Skills and Earnings: A Multidimensional Perspective on Human Capital," IZA Discussion Papers 17395, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp17395
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    Keywords

    skills; human capital; education; labor market; earnings; tasks; cognitive skills; personality; social skills; multidimensional skills;
    All these keywords.

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • I26 - Health, Education, and Welfare - - Education - - - Returns to Education

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