LABOR ECONOMICS
8th Edition
ISBN: 9781260004724
Author: BORJAS
Publisher: RENT 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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