the Firm 2/4/16 17 HOUSE_OVERSIGHT_011051 All studies of human capital, as far as I know, effectively treat human depreciation as deadweight loss. Ben-Porath’s model seems no exception. How does he model pay? He multiplies human capital by a productivity factor, and then again by the fraction marketed for pa

ubliminal and costless job experience. I don’t see it as taking a second away from work for pay. This again is meant to describe the usual rule only. Ben-Porath’s model, I think, allows an impression that workers can choose between earning and learning by allocation of time. The quotes from Schultz in Chapter 5