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Human Capital

Labor Economics Series. Human Capital. Andri Wijanarko,SE,ME andri_wijanarko@yahoo.com. Chinese Proverb. Give a man a fish and you feed him for one day Teach a man to fish and you feed him for a lifetime. Pendidikan. ?. Mencari jenjang pendidikan lebih tinggi. SMP. SMU. Lulus SMU. SD.

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Human Capital

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  1. Labor Economics Series Human Capital Andri Wijanarko,SE,ME andri_wijanarko@yahoo.com

  2. Chinese Proverb Give a man a fish and you feed him for one day Teach a man to fish and you feed him for a lifetime

  3. Pendidikan ? Mencari jenjang pendidikan lebih tinggi SMP SMU Lulus SMU SD

  4. Pasca SMU Menikah Kuliah Bekerja

  5. Mengapa Kuliah ? Alasan Disuruh orang tua Ekspektasi pendapatan Ikut-ikutan

  6. Basic Concept

  7. Human Capital Definition • Unique set of abilities and acquired skills acquired skills to entering labor market. Assumption • Maximizes the present value of lifetime earnings

  8. Investment Ehrenberg &Smith : • Entail an initial cost that one hopes to recoup over some periode of time

  9. Three Major kinds of Labor Market Investment Ehrenberg &Smith : • Education and Training • Migration • Search for the new jobs

  10. Three Major kinds of Labor Market Investment All three investment involve an initial cost, and all three are made in the hope and expectation that the investment will pay off well into the future

  11. Three Major kinds of Labor Market Investment The Knowledge and Skills a worker has generate a certain stock of productive capital

  12. Three Major kinds of Labor Market Investment Job search and Migration are activities that incerase the value of one’s human capital by ncreasing the price (wage) received for a given stock of skills

  13. Three Stages of Human Capital Investment • A. Early Childhood • The acquisition of human capital is largerly determined by decisions of others : • Parental resources and guidances • Cultural environment • Early schooling experiences

  14. Three Stages of Human Capital Investment • B. Teenagers and young adult • Full time students in a high school, college or vocational training program

  15. Three Stages of Human Capital Investment • C. Entering labor market • On-the-job training • Formal traning program

  16. HIGHEST GRADE COMPLETED(USA 1996 - Percent of Population in Education Category)

  17. LABOR MARKET CHARACTERISTICS BY EDUCATION GROUP (ALL-WORKER-1996)

  18. Investment : Present Value • Keputusan Investasi : Gain antara “Current Cost” dan “Future Returns” • Fakta : terdapat perbedaan nilai antara saat ini dengan yang akan datang

  19. Present Value Present Value allows us to compare payment amount spent and received in different periods Note : y Future Value r  Rate of Interest

  20. Present Value The quantity Present Value (PV) tells us how much needs to be invested today in order have y dollars next year

  21. Schooling Model

  22. Schooling Model • Workers acquire the skill level that maximizes the present value of lifetime earnings  Maximizes Utility • Education and other forms of training, therefor, are valued only because they increased earnings

  23. Age-Earning Profile Upah UKUL USMU Usia 65 18 22 - U

  24. Age-Earning Profile • Biaya melanjutkan pendidikan  H • Asumsi : Highly educated more productive • Employer membayar wage wCOL untuk “mengganti” biaya pendidikan. • Worker akan melanjutkan pendidikan bila wHS < wCOL

  25. Present Value of Age-Earning Profile Present Value lulusan SMU (bekerja usia 18-64 th):

  26. Present Value of Age-Earning Profile Present Value melanjutkan pendidikan :

  27. Present Value of Age-Earning Profile Contoh : • Asumsi : worker hanya bekerja selama 2 tahun • Earning lulusan SMU : Rp 100.000

  28. Present Value of Age-Earning Profile • Bila melanjutkan pendidikan 1 th, kemudian bekerja dengan earningRp 250.000 dan biaya pendidikanRp 40.000

  29. Present Value of Age-Earning Profile Bila Interest : 5% maka : Karena PVSMU < PVKUL : Worker melanjutkan pendidikan

  30. Present Value of Age-Earning Profile Bila Interest : 10% maka : Karena PVSMU> PVKUL : Worker tidak melanjutkan pendidikan

  31. Present Value of Age-Earning Profile • Rate of Interest (rate of discount) berpengaruh terhadap keinginan melanjutkan pendidikan, dapat berupa market rate of interest. • Rate of Discount also depends on how we feel about giving up some of today’s consumption in return for future rewards. • Present Oriented Worker  higher rate of discount

  32. The Wage-Schooling Locus • Wage-Schooling Locus menggambarkan tingkat upah yang dibayarkan employer untuk tingkat pendidikan tertentu. • Ditentukan oleh juga equilibrium pasar (Supply & Demand)

  33. The Wage-Schooling Locus Dollars 28.000 25.000 23.000 20.000 Years of Schooling 12 13 14 18

  34. Rata-rata Upah Pekerja Pria Th. 2005 Sumber  : BPS, Sakernas Tahun 2005

  35. Rata-rata Upah Pekerja Wanita Th. 2005 Sumber  : BPS, Sakernas Tahun 2005

  36. The Marginal Rate of Return to School • Slope of the wage-schooling locus(w / s)menyatakan peningkatan earnings yang diterima apabila melanjutkan pendidikan. • Menyatakan persentase peningkatan earnings untuk setiap peningkatan educational investment.

  37. The Marginal Rate of Return to School Stage 1 Peningkatan $3.000 ($20.000  $23.000) karena menambah waktu pendidikan 1 th (12 tahun menjadi 13 tahun). Peningkatan :

  38. The Marginal Rate of Return to School Stage 2 Peningkatan $2.000 ($23.000  $25.000) karena menambah waktu pendidikan 1 th (13 tahun menjadi 14 tahun). Peningkatan :

  39. The Marginal Rate of Return to School • Peningkatan semakin kecil • Stage 1 = 15 % • Stage 2 = 8,7 % • Worker stop schooling bila : The Marginal Rate of Return to Schooling = Rate of Discount

  40. The Schooling Decision Rate of Discount r’ r = MRR r MRR Years of Schooling s’ s’’

  41. On The Job Training

  42. On-The-Job Training • On-the-job training merupakan salah satu aspek penting dalam worker’s human capital stock. • Jacob Mincer : OJT memberikan kontribusi hingga separuh dalam proses pembentukan human capital.

  43. On-The-Job Training Worker bekerja untuk 2 periode maka profit-maximizing (tanpa training) : TC  Total Labor Cost

  44. On-The-Job Training Apabila rekruitment dilakukan dengan On-The-Job Training maka : H Biaya training

  45. On-The-Job Training • Skill & knowledge dapat digunakan di firm lain. • Training period : w1 = VMP1 - H • Posttraining : w2 = VMP2 GENERAL TRAINING

  46. On-The-Job Training • Firms provide general training, therefor, only if they don’t pay any of the costs. • Wage masa training rendah karena untuk H • Mempertahankan worker : w1 < w2 GENERAL TRAINING

  47. On-The-Job Training SPECIFIC TRAINING • Skill & knowledge tidak dapat/tidak mudah digunakan di firm lain (not portable). • merupakan alternative wage (other firms)

  48. On-The-Job Training SPECIFIC TRAINING • Firm akan mendapat gain : w2 < VMP2 , namun beresiko worker keluar  firm menginginkan jaminan worker tidak keluar dari firm • Bila worker “pays” for the spesific training  w1 rendah  menginginkan jaminan tidak dikeluarkan dari firm karena skill dari spesific training tidak portable.

  49. On-The-Job Training SOLUTION FOR SPECIFIC TRAINING < w2 < VMP2 Firm dan worker share the return from spesific training.

  50. Penduduk usia 15 tahun yang mencari kerja di Surabaya Th.2003

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