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Human capital theory and UK vocational training policy

Human capital theory and UK vocational training policy Since the Industrial Training Act of 1964, the UK government has adopted a variety of policies intended to redress a problem of under-investment in vocational training. In the 1960s and 1970s it attempted to regulate the training provided by firms, through a levy scheme. More recently, subsidised training schemes have been the centrepiece of policy. This paper examines the explanations for market failure in vocational training, and explores the rationale for such policies. Under-investment can arise from credit constraints and uncertainty facing trainees, and from imperfect competition in the labour market which creates external benefits for firms. Both subsidies and regulation can be effective in dealing with these problems, although it is argued that the training levy scheme, as implemented in the UK and other countries, should be viewed mainly as a mechanism for releasing credit constraints. Oxford University Press « Previous | Next Article » Table of Contents This Article Oxf Rev Econ Policy (1999) 15 (1): 16-32. doi: 10.1093/oxrep/15.1.16 » Abstract Free Full Text (PDF) Classifications Article Services Article metrics Alert me when cited Alert me if corrected Find similar articles Similar articles in Web of Science Add to my archive Download citation Request Permissions Citing Articles Load citing article information Citing articles via CrossRef Citing articles via Scopus Citing articles via Web of Science Citing articles via Google Scholar Google Scholar Articles by Stevens, M. Search for related content Related Content I21 - Analysis of Education J24 - Human Capital; Skills; Occupational Choice; Labor Productivity Load related web page information Share Email this article CiteULike Delicious Facebook Google+ Mendeley Twitter What's this? Search this journal: Advanced » Current Issue SUMMER 2015 31 (2) Alert me to new issues The Journal About this journal Rights & Permissions Dispatch date of the next issue We are mobile – find out more This journal is a member of the Committee on Publication Ethics (COPE) Journals Career Network Published on behalf of The Oxford Review of Economic Policy Ltd Impact factor: 1.042 5-Yr impact factor: 1.347 Managing Editor Cameron Hepburn View full editorial board For Authors Instructions to authors Self archiving policy Alerting Services Email table of contents CiteTrack XML RSS feed PDA Access Corporate Services Advertising sales Reprints Supplements var taxonomies = ("SOC00790", "SOC01830", "SOC02330", "SOC02380"); Most Most Read The economic record of the 1997-2010 Labour government: an assessment Relative prices, consumer preferences, and the demand for food American Education Research Changes Tack Regulatory Capture: A Review Environmental policy, government, and the market » View all Most Read articles Most Cited THE FAILURE OF TRAINING IN BRITAIN: ANALYSIS AND PRESCRIPTION Risks at Work: The Demand and Supply Sides of Government Redistribution WAGE DETERMINATION: THE CHANGING ROLE OF INSTITUTIONS IN ADVANCED INDUSTRIALIZED COUNTRIES Gender Role Attitudes and the Labour-market Outcomes of Women across OECD Countries What's new about the new economic geography? » View all Most Cited articles Disclaimer: Please note that abstracts for content published before 1996 were created through digital scanning and may therefore not exactly replicate the text of the original print issues. All efforts have been made to ensure accuracy, but the Publisher will not be held responsible for any remaining inaccuracies. If you require any further clarification, please contact our Customer Services Department. 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Human capital theory and UK vocational training policy

M Stevens
Oxford Review of Economic Policy , Volume 15 (1) – Mar 1, 1999
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References (1)

Publisher
Oxford University Press
Copyright
Copyright © 2015 Oxford Review of Economic Policy Ltd and Oxford University Press
ISSN
0266-903X
eISSN
1460-2121
DOI
10.1093/oxrep/15.1.16
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Abstract

Since the Industrial Training Act of 1964, the UK government has adopted a variety of policies intended to redress a problem of under-investment in vocational training. In the 1960s and 1970s it attempted to regulate the training provided by firms, through a levy scheme. More recently, subsidised training schemes have been the centrepiece of policy. This paper examines the explanations for market failure in vocational training, and explores the rationale for such policies. Under-investment can arise from credit constraints and uncertainty facing trainees, and from imperfect competition in the labour market which creates external benefits for firms. Both subsidies and regulation can be effective in dealing with these problems, although it is argued that the training levy scheme, as implemented in the UK and other countries, should be viewed mainly as a mechanism for releasing credit constraints. Oxford University Press « Previous | Next Article » Table of Contents This Article Oxf Rev Econ Policy (1999) 15 (1): 16-32. doi: 10.1093/oxrep/15.1.16 » Abstract Free Full Text (PDF) Classifications Article Services Article metrics Alert me when cited Alert me if corrected Find similar articles Similar articles in Web of Science Add to my archive Download citation Request Permissions Citing Articles Load citing article information Citing articles via CrossRef Citing articles via Scopus Citing articles via Web of Science Citing articles via Google Scholar Google Scholar Articles by Stevens, M. Search for related content Related Content I21 - Analysis of Education J24 - Human Capital; Skills; Occupational Choice; Labor Productivity Load related web page information Share Email this article CiteULike Delicious Facebook Google+ Mendeley Twitter What's this? Search this journal: Advanced » Current Issue SUMMER 2015 31 (2) Alert me to new issues The Journal About this journal Rights & Permissions Dispatch date of the next issue We are mobile – find out more This journal is a member of the Committee on Publication Ethics (COPE) Journals Career Network Published on behalf of The Oxford Review of Economic Policy Ltd Impact factor: 1.042 5-Yr impact factor: 1.347 Managing Editor Cameron Hepburn View full editorial board For Authors Instructions to authors Self archiving policy Alerting Services Email table of contents CiteTrack XML RSS feed PDA Access Corporate Services Advertising sales Reprints Supplements var taxonomies = ("SOC00790", "SOC01830", "SOC02330", "SOC02380"); Most Most Read The economic record of the 1997-2010 Labour government: an assessment Relative prices, consumer preferences, and the demand for food American Education Research Changes Tack Regulatory Capture: A Review Environmental policy, government, and the market » View all Most Read articles Most Cited THE FAILURE OF TRAINING IN BRITAIN: ANALYSIS AND PRESCRIPTION Risks at Work: The Demand and Supply Sides of Government Redistribution WAGE DETERMINATION: THE CHANGING ROLE OF INSTITUTIONS IN ADVANCED INDUSTRIALIZED COUNTRIES Gender Role Attitudes and the Labour-market Outcomes of Women across OECD Countries What's new about the new economic geography? » View all Most Cited articles Disclaimer: Please note that abstracts for content published before 1996 were created through digital scanning and may therefore not exactly replicate the text of the original print issues. All efforts have been made to ensure accuracy, but the Publisher will not be held responsible for any remaining inaccuracies. If you require any further clarification, please contact our Customer Services Department. Online ISSN 1460-2121 - Print ISSN 0266-903X Copyright © 2015 Oxford Review of Economic Policy Ltd and Oxford University Press Oxford Journals Oxford University Press Site Map Privacy Policy Cookie Policy Legal Notices Frequently Asked Questions Other Oxford University Press sites: Oxford University Press Oxford Journals China Oxford Journals Japan Academic & Professional books Children's & Schools Books Dictionaries & Reference Dictionary of National Biography Digital Reference English Language Teaching Higher Education Textbooks International Education Unit Law Medicine Music Online Products & Publishing Oxford Bibliographies Online Oxford Dictionaries Online Oxford English Dictionary Oxford Language Dictionaries Online Oxford Scholarship Online Reference Rights and Permissions Resources for Retailers & Wholesalers Resources for the Healthcare Industry Very Short Introductions World's Classics function fnc_onDomLoaded() { var query_context = getQueryContext(); PF_initOIUnderbar(query_context,":QS:default","","JRN"); PF_insertOIUnderbar(0); }; if (window.addEventListener) { window.addEventListener('load', fnc_onDomLoaded, false); } else if (window.attachEvent) { window.attachEvent('onload', fnc_onDomLoaded); } var gaJsHost = (("https:" == document.location.protocol) ? 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Journal

Oxford Review of Economic Policy – Oxford University Press

Published: Mar 1, 1999

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