Two Essays On Human Capital Accumulation And Economic Growth
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Two Essays On Human Capital Accumulation And Economic Growth
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Author : Alexandros T. Mourmouras
language : en
Publisher:
Release Date : 1988
Two Essays On Human Capital Accumulation And Economic Growth written by Alexandros T. Mourmouras and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with categories.
Essays On Technological Change Human Capital Accumulation And Economic Growth
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Author : Daniela Vidart
language : en
Publisher:
Release Date : 2020
Essays On Technological Change Human Capital Accumulation And Economic Growth written by Daniela Vidart and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
This dissertation consists of three chapters. The first two chapters revisit the link between electrification and the rise in female labor force participation (LFP) during the first half of the 20th century in the United States. Jointly, these two chapters provide theoretical and empirical evidence that one key and previously overlooked way through which electrification led to a rise in female LFP was by increasing market opportunities for skilled women. In the first chapter, I formalize my theory in an overlapping generations model with endogenous human capital accumulation. I find that my mechanism explains one-third of the rise in female LFP during the rollout of electricity in the United States from 1880 to 1960, and helps explain the slow change in female home production hours and work hours during this period. In the second chapter, I present micro evidence that supports my theory using newly digitized data on the electrification of the United States in the 1910s. Consistent with the theory, I find that higher levels of educational attainment increased the response of young women's employment to electrification in this period, particularly for those with post-secondary education, and that electrification raised the educational attainment of subsequent generations of women. In the third chapter, in work joint with Remy Levin, we present evidence for a new channel linking the low rates of individual risk-taking ubiquitous in developing countries, to lifetime experiences of macroeconomic growth and volatility. We combine two panel data sets from Indonesia and Mexico, containing elicited measures of risk aversion, with state-level real GDP growth time series capturing their lifetime macroeconomic experiences. We find that living through periods of increasing macroeconomic volatility increases measured risk aversion, while living through periods of increasing average macroeconomic growth decreases measured risk aversion. However, the aforementioned effects of macroeconomic volatility are 2-4 times larger than those of average macroeconomic growth. These effects are robust to controlling for changes in income, wealth, savings, and exposure to violence and natural disasters. Moreover, these effects are economically significant, translating into changes in outcomes that closely depend on risk attitudes, like borrowing, migration and crop choice.
Essays On Human Capital Institutions And Economic Growth
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Author : Babar Hussain
language : en
Publisher:
Release Date : 2011
Essays On Human Capital Institutions And Economic Growth written by Babar Hussain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Three Essays On Human Capital
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Author : Yibo Zhang
language : en
Publisher:
Release Date : 2010
Three Essays On Human Capital written by Yibo Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Electronic dissertations categories.
First Chapter: Endogenous Skill Acquisition and Taxation (with James Bullard) This paper studies dynamic Mirrleesian-style taxation in a lifecycle economy. In contrast to the recent Mirrleesian dynamic optimal taxation literature, in which individual skills are subject to shocks but are otherwise fixed over time, agents in our model make a conscious decision about human capital acquisition (as well as when to retire) given their own aptitude for learning. This aptitude is private information. Human capital accumulation is the engine of growth in our model. We find that there will be no human capital accumulation, and hence no growth, in the economy when there is no taxation of any sort. We suggest a taxation scheme which will induce human capital accumulation and hence economic growth in this stylized environment. The key feature of the tax scheme is to provide incentives for human capital accumulation for those that have high aptitude by credibly transferring resources to them later in life, after they have revealed their aptitude. We show that only a moderate transfer is called for to induce growth in our calibrated economy. We also find that the timing of the tax-transfer may or may not matter for the income distribution depending on the exact form in which the taxation is levied (labor or capital income tax), but in general the tax-transfer scheme is highly non-monotonic. Second Chapter: Brain Drain and Brain Drain Reversal Departing from the previous theoretical studies on Brain Drain, which mainly focus on the welfare impact of the migration of skilled workers on the home country and on the foreign country, I build a theoretical model to study a somewhat different twin phenomena "brain drain" and "brain drain reversal". The brain drain and brain drain reversal of interest here is the trend that people from developing countries (most prominently from East Asian countries) who have studied in developed countries such as the U.S. go back to their home country sooner or later for good. I study these two phenomena in a two-period lifecycle economy where home country agents choose not only education location but also work location possibly multiple times in their lifetime. The model captures the crucial factors in agents' location choice decision including work-place premium, education-location premium, market opportunity gap (between home and foreign countries) as well as adaptability of skills. I solve the model analytically and conduct comparative statics analysis followed by calibration exercises based on data from Mainland China (1985-2006). Third Chapter: Human Capital Intensity, Education and Growth (with Jiaren Pang and Haibin Wu) Using the methodology of Rajan and Zingales (1998), we revisit the issue of human capital and economic growth by examining whether industries with higher human capital intensity tend to grow faster in countries with higher human capital stock. Not only are we able to avoid the many problems that have plagued the conventional cross-country growth regressions but the results are no longer mixed. We do not find that education improvement has a differential effect on industries with different human capital intensities. However, we have discovered that in countries with higher education levels and quality, high human capital intensity industries grow faster than low human capital intensity ones.
Essays On Human Capital Accumulation And Development
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Author : Hyunseok Kim (Ph.D.)
language : en
Publisher:
Release Date : 2023
Essays On Human Capital Accumulation And Development written by Hyunseok Kim (Ph.D.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
In this dissertation, I explore human capital accumulation and its implication for economic development. Chapter 1 and 2 focused on the mechanism behind the sustained economic growth of South Korea, which was a war-devastated, aid-recipient country two generations ago but now sells semiconductors and automobiles to the world. I ask how the country shifted its technology to capital-intensive production technique. These chapters consider educational policy change that led to an increase in college graduate. Chapter 3 studies the mechanism behind the divergence in employment between temporary and permanent workers in South Korea. The chapter considers the labor policy change that protects temporary employment. For each chapter, I construct a plant-level panel dataset from a series of censuses and connect it with an industry-level input-output table to consider a spillover effect. Chapter 1 studies how an increase in college graduates has affected the technology shift in South Korea. The analysis is based on the concept of complementarity in technology adoption - i.e., the idea that more adopters increase a marginal adopter's gain. I consider skilled labor as an adoption good needed for technology adoption. If complementarity exists in technology adoption, there could be multiple equilibria, possibly leading to undesirable results from coordination failure. I develop a theoretical framework which predicts that an increase in the adoption good of skilled labor could overcome coordination failure and promote a technology shift. Based on plant-level panel data from 1982-1996, I find that accumulation of more outside human capital, or more adopters, (i) benefits marginal adopting firm's profit and investment, and (ii) promotes the firm's technology shift by increasing the productivity of capital while decreasing that of unskilled workers. This paper contributes to the literature on aggregate growth theory by verifying that outside human capital accumulation and its spillover effect contribute to economic growth. Chapter 2 builds on Chapter 1, where human capital is considered an adoption good, by studying the specific role of human capital. Specifically, I explore whether research and development (R&D) is the channel through which human capital accumulation leads to a technology shift. The analysis is based on previous literature indicating that R&D generates new knowledge and the absorption of outside knowledge. The latter role of R&D, absorptive capacity, matches the concept of complementarity in chapter 1. Based on plant-level panel data, I find that (i) human capital accumulation due to the educational policy change promotes R&D in the manufacturing industries; (ii) the effect of R&D spillovers is increasing in a firm's own R&D, a finding which validates the concepts of absorptive capacity and complementarity; and (iii) more outside R&D promotes a firm's technology shift toward capital-intensity. This paper contributes to the literature on endogenous growth, which so far has focused on R&D spillover's effects on total factor productivity rather than on technology shift, by connecting absorptive capacity with complementarity in technology adoption. Chapter 3 investigates another dimension of human capital: permanent and temporary workers. The labor market in South Korea has witnessed a divergence in employment between permanent and temporary workers. The proportion of permanent workers, which had been stable between 50 and 60 percent for two decades in the 1990s and 2000s, has increased recently to above 70 percent. I point out that legislation requiring firms that hire a worker on a temporary basis for more than two years to offer them permanent status serves as a trigger for the divergence. This legislation limits the advantages (to firms) of flexibility in hiring and capacity for screening new workers. Hence, in a competitive labor market firms expect that other firms are more likely to hire permanent rather than temporary workers. If complementarity exists in permanent employment, the legislation serves as a Big Push to make the divergence happen. Based on plant-level panel data covering 2011-2019, I find that (i) flexibility and screening effect of temporary workers are overwhelmed by human capital effect, and (ii) complementarity in permanent employment holds after the temporary employment protection legislation. This paper deepens the understanding of the recent labor market phenomena in South Korea by adopting the concept of complementarity and a Big Push.
Three Essays Considering Human Capital Composition And Economic Growth
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Author : Guan Lin
language : en
Publisher:
Release Date : 2017
Three Essays Considering Human Capital Composition And Economic Growth written by Guan Lin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Human capital has long been recognized as a crucial determinant of economic development. The main contribution of my dissertation is to both theoretically and empirically demonstrate the idea that the composition (different types of education) of human capital determines technological progress and affects long-run economic growth. As compared to traditional human capital and growth literature, it emphasizes the composition effect of human capital, rather than the level effect, on economic development. It provides a new perspective in characterizing the stages of economic development along the growth path. Optimal human capital composition benefits not only lesser developed countries who usually lack educational resources but also developed countries with limited population growth potential. The first chapter, titled ``Education, Technology, Human Capital Composition and Economic Development'', develops a framework of endogenous educational decisions and technological progress to explore the human capital composition and its effects on economic growth. In this model, growth is driven by technological advancement, which depends on the human capital composition. Individuals can choose from different types of workers: unskilled workers, generalists or specialists. Both generalists and specialists, through technological progress, are able to enhance growth. The model considers the role of technology stock, coordination cost, education cost and worker's innate ability on the human capital composition and economic growth. The main result shows the improvement in the composition of human capital promotes economic growth in most economic stages. However, this positive effect tapers off as the economy reaches complete specialization. This provides a possible explanation for the convergence of economic growth to zero asymptotically in the long run. I extend the argument into an open economy framework in the second chapter, titled ``Migration Effects on Home Country's Composition of Human Capital and Economic Development''. This chapter examines migration effects on domestic composition of human capital and economic growth. The net effect of migration depends on two facets. On one hand, the possibility of migration provides incentives for workers to invest in education and consequently increases the fraction of skilled workers in home country's human capital composition. On the other hand, increased population of skilled emigrants hinders the accumulation of human capital. A sufficient condition for beneficial migration is derived: if the ex ante domestic fraction of unskilled worker is relatively high, allowing the home country to achieve faster economic growth with migration. The last chapter, titled ``The Effect of Tertiary Education Composition on Economic Growth'', differentiates types of tertiary education by ISECD levels and empirically investigates their effects on economic growth. I use panel data on a group of 77 countries for the period 1998-2011. In dynamic panel data estimation, a potential endogeneity bias could arise due to the inclusion of lagged dependent variables. Several methods are applied to overcome the issue, such as Anderson-Hsiao estimator, the Difference Generalized Method of Moments estimator and the System Generalized Method of Moments estimator. The study shows a significantly positive relationship between short-cycle tertiary education and real GDP per capita for both developed and developing countries. However, undergraduate and graduate education only positively correlate to economic growth in developed countries. The empirical results are informative for developed countries as well as developing countries. Understanding the contribution of tertiary education in different levels allows them to effectively allocate resources and appropriately integrate it in growth policies.
Essays On Capital Accumulation Economic Growth Income Inequality And Unemployment
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Author : Iqtiaruddin Md Mamun
language : en
Publisher:
Release Date : 2014
Essays On Capital Accumulation Economic Growth Income Inequality And Unemployment written by Iqtiaruddin Md Mamun and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The central theme of this thesis is capital accumulation. The thesis reports that increase in economic growth rate and reduction in income inequality boosts capital accumulation that in turn reduces unemployment. Three essays constitute the thesis. The first essay investigates whether saving has been driven by growth or gowth has been driven by saving using data of Asian Miracle Economies (AME) - India, Indonesia, Singapore, South Korea, and Taiwan - over the period 1870-2011.The second essay explores the effect of income inequality on capital accumulation using the data of 20 OECD countries - Canada, USA, Japan, Australia, New Zealand, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherland, Norway, Portugal, Spain, Sweden, and UK - over the period 1870-2011. The effect of capital accumulation on unemployment in 21 OECD countries - Canada, USA, Japan, Australia, New Zealand, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherland, Norway, Portugal, Spain, Sweden, Switzerland and UK - has been explored in the third essay. Following the neoclassical revival some economists attribute the amazing productivity growth rate in Asian Miracle Economies (AME) to capital accumulation while assign the backseat to the technological progress - the so called Krugman-Young hypothesis in which saving and schooling are independent of growth. However such assumption is questionable as from the perspective of growth accounting using Cobb-Douglas production function, theories of saving and the scenario that in AMEs prior to WWII living standard was close to subsistence level thus leaving less opportunity of saving and only after WWII with the increase in living standard financial saving and education increase it may be shown that saving and education are not exogenous and independent of growth. The first essay addresses this endogeneity and applying a two-way identification strategy and unique data covering the period 1870-2011 for the AMEs finds that financial saving as well as education comes from productivity growth, financial saving has no significant effect on growth but growth is positively related to the change in educational attainment. These results are robust to choice of instrument set, productivity measurement, the choice of growth model, measurement of saving, inclusion of covariates, and to the choice of estimation period. The essay contributes to the literature explaining that productivity growth drives fixed and human capital accumulation as in the growth controversy it has never been asked and the factor accumulation hypothesis never explains from where the savings come and very little work, if any, has investigated whether growth influences education. The findings of the existing empirical literature suggest that the effect of income inequality on savings is either positive or insignificant. The reason for such findings of the existing empirical literature may be that in estimating the coefficient of income inequality on savings the positive feed-back effect from savings to income inequality has not been dealt with adequately. The second essay takes this endogeneity arising from positive feed-back effect of savings to income inequality in to consideration and applies a two-way identification strategy and unique data covering the period 1870-2011 for 20 OECD countries andfinds that income inequality affects savings negatively. The finding is robust to variation in estimation periods, different measures of saving and inequality and the inclusion of important confounding variables such as financial development, growth and education. Following the seminal work of Layard, Nickell, and Jackman (2005) that propounds no linkage between capital accumulation and unemployment based on the assumption of elasticity of substitution between capital and labour equals unity the role of capital accumulation has been deemphasized for long in explaining unemployment. And the emphasis was on labour market deregulation for reducing unemployment as labour market rigidities arising from trade union power; labour taxes, generous welfare benefits, strict employment protection, and other institutional factors were considered to be the main determinants of unemployment. The third essay using the data for the largest number of countries over the longest period of time - 21 OECD countries over the period 1870-2011- with wage push and aggregate demand factors being taken in to account finds that capital accumulation is important in reducing OECD unemployment.
Human Capital And Economic Growth
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Author : Andreas Savvides
language : en
Publisher: Stanford University Press
Release Date : 2008-10-10
Human Capital And Economic Growth written by Andreas Savvides and has been published by Stanford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-10-10 with Business & Economics categories.
This book provides an in-depth investigation of the link between human capital and economic growth. The authors take an innovative approach, examining the determinants of economic growth through a historical overview of the concept of human capital. The text fosters a deep understanding of the connection between human capital and economic growth through the exploration of different theoretical approaches, a review of the literature, and the application of nonlinear estimation techniques to a comprehensive data set. The authors discuss nonparametric econometric techniques and their application to estimating nonlinearities—which has emerged as one of the most salient features of empirical work in modeling the human capital-growth relationship, and the process of economic growth in general. By delving into the topic from theoretical and empirical standpoints, this book offers an insightful new view that will be extremely useful for scholars, students, and policy makers.
Essays On Economic Growth
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Author :
language : en
Publisher:
Release Date : 2001
Essays On Economic Growth written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Essays On Human Capital Formation In Developing Countries
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Author : Alexander Sergeevich Ugarov
language : en
Publisher:
Release Date : 2019
Essays On Human Capital Formation In Developing Countries written by Alexander Sergeevich Ugarov and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Human capital categories.
Differences in human capital explain approximately one-half of the productivity variation across countries. Therefore, we need to understand drivers of human capital accumulation in order to design successful development policies. My dissertation studies formation and use of human capital with emphasis on its less tangible forms, including skills, abilities and know-how. The first chapter of my dissertation explores the effects of occupational and educational barriers on human capital stock and aggregate productivity. I find that students' academic skills have very small impact on occupational choice in most developing countries. This finding suggests a higher incidence of occupational barriers in developing countries. I evaluate the productivity losses resulting from occupational barriers by calibrating a general equilibrium model of occupational choice. According to my estimation, developing countries can increase their GDP by up to twenty percent by reducing the barriers to the level of a benchmark country (US). In the second chapter of my dissertation, I study the effects of economic growth on education quality. Several models of human capital accumulation predict that incomes have a positive causal effect on human capital for given levels of education by increasing the consumption of educational goods. The paper tests this prediction by using a within country variation in incomes per-capita across different cohorts of US immigrants. Wages of US migrants conditional on years of education serve as a measure of education quality. I find that average domestic incomes experienced by migrants in age from zero to twenty years have a significant positive effect on their future earnings in the US. The third chapter studies the effects of employee-driven technology spillovers on technology adoption. It challenges the theoretical result of Franco and Filson (2006) by assuming that workers are risk averse and that the number of competitors is finite. In this more realistic scenario spillovers significantly reduce payoffs from adopting advanced technologies.