Technological progress renders various skills obsolete, however, the rate of skill obsolescence will vary according to the worker's human capital investments. Workers heavily invested in general skills, such as education, will not suffer high rates of obsolescence, while less-educated workers...

This paper considers how new technologies affect the returns to experience and how experience affects the adoption of new technologies. Whereas the traditional vintage model emphasizes skill obsolescence generated by imperfect transferability of skills across technologies, we consider the...