The Market Evaluation of Human Capital: The Case of Indentured Servitude

@article{Galenson1981TheME,
  title={The Market Evaluation of Human Capital: The Case of Indentured Servitude},
  author={David W. Galenson},
  journal={Journal of Political Economy},
  year={1981},
  volume={89},
  pages={446 - 467}
}
This paper examines the market for human capital created by the institution of indentured servitude in colonial America. The indenture system allowed English emigrants to obtain passage to the colonies by selling claims on their future labor. With the size of the debt approximately equal for all emigrants, the length of the term for which a servant was bound is predicted to have varied inversely with expected productivity in the colonies. Analysis of two collections of contracts made in the… 
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