Working Paper 35
Investment in training and public policy - a review
Abstract
Many governments in developed economies have subsidised training or introduced polices aimed at encouraging increased investment in training, evidently on the belief that the market, if left to itself, will result in an underinvestment in training. This paper intends to review the literature dealing with the decision to invest in training. It is shown that there are many reasons why market failures may result in an underinvestment in training and that different causes of this market failure may have different policy responses.
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