Abstract
Investment in human capital is now generally recognized as an important source of accelerated development in LDCs. This does not only enhance the productive capacity of workers in the traditional activities but also makes it possible for some of them to enter the highly remunerative modern wage sector. The important components of such investment are formal education, on the job training, health and migration etc. The reason for the failure of the neo-classical wage theory to explain the persistent wage differentials between and within narrowly defined occupations is the neglect of the role of human capital and other factors like motivation and discrimination etc.
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