2010, Vol.13, No.1, pp.105-125

Non-minceranian approach based on the concept of human capital is proposed and developed to explain empirical age-earnings profiles. In the approach, specific individual human capital is assumed be a self-contained and largely self-evolutionary essence depending on personal abilities and parameters of intertemporal decision-making in certain socio-economic environment. Evolutionary equation for the process of formation of specific individual human capital is proposed and solved. Of the assumption that individual earnings is paid for economic utility of amount of specific individual human capital the micro-level model of individual earnings is derived. By use of statistical averaging the macro-level model of aggregate earnings profile is built and made the specification of two-variable linear regression equation. The regression equation is tested on empirical age-earnings data taken from the official statistics of 12 developed countries for the years 1990-2008 (more than 200 data sets in total) to verify and to calibrate the macro-model. In all tests, the found values of slope are statistically significant. The found values of are not less than 0.954, and there is no first-order residual autocorrelation. The findings presented in formulas, graphs and tables are discussed.
Key words: human capital, evolutionary equation, intertemporal decision-making, age-earnings profile, economic utility, overlapping generations, statistic averaging, regression analysis, collective behavior

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