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

  title={The Market Evaluation of Human Capital: The Case of Indentured Servitude},
  author={David W. Galenson},
  journal={Journal of Political Economy},
  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… 
Markets for migrants: English indentured servitude and emigration in the seventeenth and eighteenth centuries
As a labour form, indentured servitude dominated British emigration to its New World colonies to a degree found with no other European nation. An estimated 50–60 percent of the labour flows to its
Migration and Human Capital: Self-Selection of Indentured Servants to the Americas
When contracting, European merchants could at least partially observe characteristics such as the health, physical strength, and education of indentured servants. These characteristics, unobservable
Governance of Trade in the Labor Market: Poaching, Courts, and Settlements in Early Twentieth-Century Japan
Protection of claim transfer under the state court is an institutional basis of the modern market economy. In the labor market too, transportation cost or human capital investment could be willingly
The Market for Indentured Immigrants: Evidence on the Efficiency of Forward-Labor Contracting in Philadelphia, 1745–1773
  • F. Grubb
  • Economics
    The Journal of Economic History
  • 1985
Indentured servitude is modeled as a trans-Atlantic market in forward-labor contracts. The model is applied to servant-auction evidence in Philadelphia, and the determinants of contract prices are
The Statutory Regulation of Colonial Servitude: An Incomplete-Contract Approach☆
Abstract Statutory laws in colonial America required that servants be given a particular set of goods upon contract completion. These laws were innovative and unprecedented. Their purpose has been
On Valuing Human Capital And Relating it to Macro-Economic Conditions
Human capital is the largest component of aggregate wealth, but its relation to other macroeconomic variables is murky due to the lack of market prices. Valuing human capital using historical costs
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The Portuguese were keen slave traders on the west central coast of Africa in the early modern period, but governors in Angola appear to have been increasingly unhappy about certain aspects of
From the Substance to the Shadow: The Role of the Court in Japanese Labour Markets
Modern contract law generally does not allow property rights or similar claims to be made against employees. This undermines a claim on the return on the employer's investments in recruiting and


Time on the cross : the economics of American Negro slavery
This book, originally published in 1974 by Little, Brown and Company, is a sweeping reexamination of the economic foundations of American Negro slavery. Based upon a vast research effort, this volume
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In an earlier papers we gave an account of builders' wages in southern England from 1264 to 1954, and now we shall try to relate these to the prices of some of the main articles of consumption. In
Information in the Labor Market
  • G. Stigler
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    Journal of Political Economy
  • 1962
rfl9H E young person entering the labor market for the first time has an . immense number of potential employers, scarce as they may seem the first day. If he is an unskilled or a semiskilled worker,
The Generall Historie of Virginia, New England, and the Summer Isles, together with the True Travels, Adventures and Observations, and a Sea Grammar
AT the time of writing (April) the warships of the Powers are gathered together in Hampton Roads to honour the tercentenary of the founding of the Commonwealth of Virginia, and the Jamestown
Crime and Punishment in Early Maryland
"The subject of this book pertains to events, often unpleasant, in the domestic lives of the 17th-century Maryland colonists."-publisher's catalog description, 1938 Marylander Edward Erbery called
From Tobacco to Grain: Economic Development on Maryland's Eastern Shore, 1660–1750
  • P. Clements
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    The Journal of Economic History
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serious inaccuracies in the accounts of the volume and distribution of colonial commerce.
The Scottish Record Office
The General Register House, Edinburgh, is one of Robert Adam's finest public buildings; it is also one of the first record repositories in Europe specially designed for the preservation of national
Literacy and the Social Origins of Some Early Americans
An issue that has long concerned historians of colonial America is that of the social origins of the English men and women who came to the New World in bondage. It has been estimated that half of all