Econ Papers Daily / 期刊论文
创新热潮、宽松融资与人力资本积累
Innovation booms, easy financing, and human capital accumulation
摘要
Innovation booms are often fueled by easy financing, allowing new technology firms to pay high wages that attract skilled labor. Studying the Information and Communication Technology (ICT) boom in the late 1990s, we show that high-skill workers who joined the ICT sector during the boom experienced sizeable long-term earnings losses. These earnings patterns stem from accelerated skill obsolescence rather than worker selection or the subsequent bust in the ICT sector. Moreover, during the boom, financing disproportionately flowed to firms whose workers would later experience the largest productivity declines, amplifying the negative effect of labor reallocation on aggregate human capital accumulation.
中文摘要
创新热潮往往由宽松融资推动，使新技术企业能够支付高工资以吸引技术劳动力。通过研究20世纪90年代末的信息与通信技术（ICT）热潮，我们发现，在繁荣期加入ICT行业的高技能工人经历了可观的长期收入损失。这些收入模式源于技能加速过时，而非工人选择或随后ICT行业的衰退。此外，在繁荣期，融资不成比例地流向那些工人后来将经历最大生产率下降的企业，放大了劳动力重新配置对总体人力资本积累的负面影响。