Human capital accumulation has been studied in an essentially static theoretical framework until recent models of endogenous growth (e.g. Romer 1990, Azariadis and Drazen 1990). These models have the scope but also the limitations of aggregate models. There remains a need for a careful analysis of the accumulation processes at the microeconomic level of the individual and the firm. Such an analysis can develop our understanding of the timing of education over the life cycle, the distribution of education among heterogeneous individuals, the links between education and performance of the firms, and the identification of the payers. This is not a closed list and both the positive and the normative levels are implied. Such microeconomic research need not, however, be contrasted with the standard human capital theory which has been developed at that level.
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- Continuing Education and Schumpeterian Competition: Elements for a Theoretical Framework
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