David W. Galenson
The Market Evaluation of Human Capital: The Case of Indentured Servitude
paper examines market human capital created institution indentured servitude colonial america indenture system allowed english emigrants obtain passage colonies selling claims future labor size debt approximately equal emigrants length term servant bound predicted varied inversely expected productivity colonies analysis two collections contracts made seventeenth eighteenth centuries supports prediction age skill literacy negatively related length indenture women received shorter terms men young ages servants bound west indies bound periods high colonial demand labor also received reductions