Acquiring Skills: Market Failures, their Symptoms and Policy Responses

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In recent years there has been widespread concern that employees are insufficiently skilled, and it is recognised that this deficiency can have serious economic consequences. This book, from the Centre for Economic Policy Research, provides a systematic account of the causes, consequences and policy implications of failure in training provision and skills acquisition in the industrial world. It explains why the market mechanism leads people to under-invest in skills and examines the empirical outcome of these problems using a portfolio of examples for European countries.
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Editorial Reviews

From the Publisher
"As a collection of essays, this volume is a rousing success: the essays are interesting, clever and thought provoking." Industrial and Labor Relations Review
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Product Details

  • ISBN-13: 9780521472050
  • Publisher: Cambridge University Press
  • Publication date: 5/28/2012
  • Pages: 374
  • Product dimensions: 5.98 (w) x 8.98 (h) x 0.98 (d)

Table of Contents

List of figures
List of tables
List of contributors
1 Introduction: does the free market produce enough skills? 1
2 Transferable training and poaching externalities 19
3 Credit constraints, investment externalities and growth 41
4 Education and matching externalities 63
5 Dynamic competition for market share and the failure of the market for skilled labour 81
6 The low-skill, bad-job trap 109
7 Changes in the relative demand for skills 127
8 Skill shortages, productivity growth and wage inflation 147
9 Workforce skills, product quality and economic performance 175
10 Workforce skills and export competitiveness 199
11 Market failure and government failure in skills investment 233
12 Training implications of regulation compliance and business cycles 255
13 On apprenticeship qualifications and labour mobility 285
14 Evaluating the assumptions that underlie training policy 303
15 Conclusions: government policy to promote the acquisition of skills 335
Index 351
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