Overview

The past ten years have witnessed a renewed interest in the apprenticeship system of industrial training. Employers have been shown to carry a large part of the cost of essentially general training with apparent little return to the firm - a problem which has generated a wide range of literature that explores new theoretical models, comparative systems, and recent developments in systems of youth training and the economic theory of contracts.Using contract theory as the common underlying framework, this book brings together recent contributions to this literature, providing a complete and coherent economic analysis of the apprenticeship system. The authors begin with a comparative-historical perspective, and then go on to review a number of recent models of the training decision of firms, before offering a unique insight into the current debate on the future of the apprenticeship system. Well-written and well-researched, this book succeeds in achieving a perfect blend of theory, evidence, and history. It will appeal to scholars in the fields of labour economics and human resource management, as well as those in private and public sectors working on policy development and planning of vocational education and training.

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9781840641974

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Reviews

'... this book is a valuable addition to the training literature... well written and clearly structured... the book will be of interest and use to policymakers, which is what the authors set out to provide. The formal theoretical chapter and the review of the empirical evidence will be of particular interest to education and labour economists.' -- Steve Bradley, Education Economics 'The Economics of the Apprenticeship System is an informative, thoughtful, well-researched and up-to-date compilation of the existing theoretical and empirical literature on apprenticeship ... this is a very useful book for anyone interested in training or apprenticeship, from either an academic or policy perspective. It summarises a wide range of both theoretic and empirical literature, pointing out (either directly or indirectly) gaps in the current literature, which should stimulate future research.' -- Gillian Hamilton, Economic Record 'This thought-provoking book is a timely addition to the literature, bringing together in one place much of the relevant theory and empirical results. It adds a novel unifying perspective based on contract theory. The book is written so as to be accessible to persons without formal training in the discipline ... the book fills an important gap in the literature. It is a highly readable introduction to the apprenticeship system from an economic point of view. It is rich in insight and detailed information, and I recommend it to anyone interested in human capital, applications of contract theory, or simply the historical development of our learning institutions.' -- Rainer Winkelmann, Industrial and Labor Relations Review

Author Information

Wendy Smits, Research Fellow, Research Centre for Education and the Labour Market (ROA), Maastricht University, The Netherlands and Thorsten Stromback, former Associate Professor in Economics, Curtin University of Technology, Australia

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