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We use an industry level dataset to examine the role of formal training programs in productivity growth. Because there is disagreement over the technology that converts training into new human capital, we test a number of hypotheses regarding this technology: We find evidence for positive and decreasing effects of on-the-job training in human capital accumulation, and therefore productivity. In the cross section, training is more effective in industries with higher human capital. These effectsdoi:10.2139/ssrn.830406 fatcat:l3n6veyzhnd6pbrdv777pckutu