In cases where a skill type is highly specific and scarce; what does this suggest about the years of training, the distribution of income, the labour productivity, and the private and social human capital investment cost of the individuals involved?
- In cases where a skill type is highly specific and scarce; what does this suggest about the years of training, the distribution of income, the labour productivity, and the private and social human capital investment cost of the individuals involved? [8 marks)
- Labour supply elasticities range from very low to very high coefficients, depending on the labour units involved. Use this comment to relate supply elasticities to skill levels and to do a simple analysis of how both low and high supply elasticities determine or relate to the earning power or income distribution of labour. [8 marks]
