Market Failure, Institutional Structure and Skill‐formation

Examines the link between the institutional structure of the market for training and economic performance. Suggests that the market for training has a major potential for failure and that institutional structures are eeded to mitigate this. Outlines the main structures which have been developed in different countries. Concludes that there is no single institutional arrangement which is optimal but that countries performing best internationally seem to be those which take the potential for failure most seriously.