Question

In: Economics

In cases where a skill type is highly specific and scarce; what does this suggest about...

  1. 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)
  2. 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]

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