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Human Capital and the Life-Cycle

Author

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  • Mark R. Killingsworth

    (Fisk University)

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.

Suggested Citation

  • Mark R. Killingsworth, 1975. "Human Capital and the Life-Cycle," Working Papers 461, Princeton University, Department of Economics, Industrial Relations Section..
    • Handle: RePEc:pri:indrel:81
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    JEL classification:

    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General

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