Cover: Technical change and human capital acquisition in Japanese and U.S. labor markets

Technical change and human capital acquisition in Japanese and U.S. labor markets

by Hong W. Tan

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Abstract

This paper analyzes cross-national similarities and differences in order to determine how labor markets react to and affect technical change and productivity growth. Long-term employment, high investment in training, compensation for firm-specific skills, and larger firm size are factors that lead to greater productivity in technologically advanced economies. The author concludes that proper rewards to both workers and employers will create an environment that enhances productivity derived from technological advance.

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