In recent years, technological change, unemployment and industrial restructuring have highlighted training and the acquisition of skills as a policy issue. Throughout the industrialized world there is widespread concern that employees are insufficiently skilled. This deficiency can have serious economic consequences, reflected in excessive unemployment, meager growth, impeded competitiveness, excessive wages, insufficient innovation, and deficient product quality. This volume, from the Centre for Economic Policy Research, provides a systematic account of all the major market failures in the area of skills acquisition.