Historically, economists have taken the position that psychological capital is either unobservable or unmeasurable; thus, heretofore, little evidence has been available on the contribution of psychological capital to wages. Using data drawn from two dgferent waves of the National Longitudinal Survey of Youth, we offer evidence that psychological capital has both a direct effect-via self-esteemAnd an indirect effect-through locus of control-on an individual k real wage. We find a person 5 wage is more sensitive to changes in self-esteem than to comparable alterations in human capital. Both relative wages and human capital contribute to self-esteem. (JEL E24, 56)

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Using National Longitudinal Survey of Youth data, the authors analyze the determinants and consequences of a promotion among young workers. Most events that workers called "promotions" involved no change in position or duties, but were simply an upgrade of the current position. Typically, only one person was considered for the promotion. Men were more likely to be promoted than women, and whites more likely than blacks or Hispanics. The acquisition of company training and the receipt of a prior promotion were two of the most important predictors of promotion. Consequences of promotion included increased wages, training receipt, supervisory responsibilities, and increased job satisfaction. There is little evidence that promotion had a direct impact on job attachment.