人的資本が減価する要因については, 前述の加齢・傷病による消耗 (wear)や, 技術進歩による陳腐化などが指摘されている(De Grip and Van Loo, 2002)。
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Ramirez, J. V. (2002) ?Age and Schooling Vintage Effects
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Loo, and K. Mayhew eds. The Economics of Skilles Obsolescence: Theoretical Innovations and Emripcial Applications, Elsevier, pp. 83-99