We investigate the effect of institutions on efficiency of training markets. After setting up a theoretical institutional framework that shows how institutions affect efficiency, we apply this framework to the real world. An empirical analysis of institutions affecting training markets will...

This paper is part of a project that attempts to reveal the way labour market institutions, human capital and labour productivity are interconnected. First we discuss two approaches in the human capital theory, stressing some difficulties that could be solved if the approaches are combined. It...