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This paper considers the sources of skill formation in a modern economy and emphasizes the importance of both cognitive and noncognitive skills in producing economic and social success and the importance of both formal academic institutions and families and firms as sources of learning. Skill formation is a dynamic process with strong synergistic components. Skill begets skill. Early investment promotes later investment. Noncognitive skills and motivation are important determinants of success and these can be improved more successfully and at later ages than basic cognitive skills. Methods currently used to evaluate educational interventions ignore these noncogntive skills and therefore substantially understate the benefits of early intervention programs and mentoring and teenage motivation programs. At current levels of investment, American society underinvests in the very young and overinvests in mature adults with low skills.

University of PennsylvaniaHousehold-level panel data from a nationally representative sample of rural Indian households describing the adoption and profitability of high-yielding seed varieties (HYVs) associated with the Green Revolution are used to test the implications of a model incorporating learning-by-doing and learning spillovers. The estimates indicate that: (i) imperfect knowledge about the management of the new seeds was a significant barrier to adoption; (ii) this barrier diminished as farmer experience with the new technologies increased; (iii) own experience and neighbors ' experience with HYV significantly increased HYV profitability; (iv) farmers do not fully incorporate the village returns to learning in making adoption decisions 1 I.

Human capital is the stock of skills that the labor force possesses. The flow of these skills is forthcoming when the return to investment exceeds the cost (both direct and indirect). Returns to these skills are private in the sense that an individual’s productive capacity increases with more

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Empirical Evidence on Human Capital Externalities

The present study on the human capital investment is not considered some stochastic risk, so this paper considers the time of dynamic and uncertainty of cost in the process of human capital investment, and puts the problem of optimal stochastic control into the human capital investment model

this paper is to analyze theoretically the effect of taxation on human capital accumulation in a model which explicitly allows for uncertainty

Human capital differentials across municipalities