Download or read book Endogenous Growth Human Capital and the Dynamic Costs of Recessions written by John Roufagalas and published by . This book was released on 2019 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of the paper is two-fold: (i) to construct and analyze a novel endogenous growth model, in which unbounded growth is possible without the need to assume increasing returns to scale, and (ii) to use the model to estimate the long-run (or dynamic) costs of recessions. In our model, endogenous technology and human capital accumulation serve as the "twin engines of growth". Simulations are used to derive growth rates consistent with long-term experience of developed countries, to understand better the differences between balanced growth and unbounded growth, and to provide an estimate of the dynamic costs of capacity utilization shocks that produce business-cycle-like behavior. Conservative calculations show that the costs of the capacity shocks can be large - about 1.5% of the present value of output over a 100-period horizon. The theoretical model also suggests that differences in the technology production and human capital accumulation functions, possibly due to differing institutions, may help explain diverse growth experiences. The paper, for first time, combines two strands of the economic growth theory - endogenous technology and endogenous human capital production - into a single model. It uses the implications of the model to argue, through simulations, that the benefits of counter-cyclical policies are potentially large in the long run.
Download or read book Human Capital Endogenous Growth and Government Policy written by Martin Husz and published by Peter Lang Publishing. This book was released on 1998 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Human Capital R D and Competition in Macroeconomic Analysis written by Erik Canton and published by . This book was released on 2005 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Uzawa Lucas Endogenous Growth Model written by Paolo Mattana and published by Routledge. This book was released on 2017-11-30 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using state of the art mathematical techniques this book provides a complete characterization of the Uzawa-Lucas growth model. In his path-breaking contribution on the 'Mechanics of Economic Growth' Lucas suggested that human capital is the key variable through which technical change is most likely to occur and (by taking some initial intuitions of Uzawa a step further) proposed a two-sector capital accumulation growth model where human capital is allowed to enter a neo-classical-style production structure in multiplicative terms. In this book Paolo Mattana fully explores the dynamic possibilities of the model from both the market and the centralized perspective. A critical evaluation of the inefficiency in the market economy is also provided.
Download or read book Endogenous Human Capital and Technological Change in Closed and Open Economies written by Theo Stefan Eicher and published by . This book was released on 1994 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Download or read book Human Capital Dynamic Inefficiency and Economic Growth written by Pekka Lauri and published by . This book was released on 2004 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Human Capital and Economic Growth written by Andreas Savvides and published by Stanford University Press. This book was released on 2008-10-10 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Mainstream Growth Economists and Capital Theorists written by Marin Muzhani and published by McGill-Queen's Press - MQUP. This book was released on 2014-06-01 with total page 569 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mainstream Growth Economists and Capital Theorists provides a historical survey and ideal introduction to modern economics, arguing that due to significant changes in recent years, a re-evaluation is in order. Marin Muzhani presents an informed study of the debates regarding economic growth and development that began in the 1930s in response to the Great Depression. He argues that in the wake of that crisis, the challenge for economists was to understand how to generate stable economic growth in order to prevent future crises. The theories of John Maynard Keynes, in particular, sought to explain the reasons for unemployment and recessions, paving the way for the field of macroeconomics and challenging the basic premises of neoclassical economics. In the late 1930s and 1940s, economists began to extend Keynes' ideas, synthesizing them with neoclassical ideas in order to explain economic growth. This "neoclassical synthesis" would dominate mainstream macroeconomic thought for the next forty years until the mid-1980s with the introduction of endogenous growth theories. Taking into account the historical background, the multitude of interpretations of modern growth models, and the geography of mainstream economists, Mainstream Growth Economists and Capital Theorists will simplify the structure of growth theory for the next generation of economists.
Download or read book Human Capital Flight written by Nadeem Ul Haque and published by International Monetary Fund. This book was released on 1994-12 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses the impact of government tax and subsidy policy on immigration of human capital and the effect of such immigration on growth and incomes. In the context of a two-country endogenous growth model with heterogeneous agents and human capital accumulation, we argue that human capital flight or “brain drain” arising out of wage differentials, say because of differences in income tax rates or technology, can bring about a reduction in the steady state growth rate of the country of emigration. Additionally, permanent difference in the growth rates as well as incomes between the two countries can occur making convergence unlikely. While in a closed economy, tax-financed increases in subsidy to education can have a positive effect on growth, such a policy can have a negative effect on growth when human capital flight is taking place. Since subsidizing higher education is more likely to induce substantial brain drain, it is likely to be inferior to subsidy to lower levels of education if growth is to be increased.
Download or read book Human Capital Formation Life Expectancy and the Process of Economic Development written by Matteo Cervellati and published by . This book was released on 2002 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Subsidy to Human Capital Accumulation in an Endogenous Growth Model written by Jaime Alonso-Carrera and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes both the growth and the dynamic effects of the subsidy to human capital investment in a two-sector endogenous growth model. We show that the subsidy is growth-increasing, and it determines the dynamic behavior of the physical and human capital variables. Moreover, the economy reacts instantaneously to unanticipated changes in the subsidy rate. We prove that the jolt caused by the marginal introduction of the subsidy depends on whether the inverse of the elasticity of intertemporal substitution in consumption is larger than the elasticity of marginal productivity of labor with respect to physical capital.
Download or read book Specific and General Human Capital in an Endogenous Growth Model written by Evangelia Vourvachaki and published by . This book was released on 2014 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Endogenous Growth and Human Capital Accumulation in a Data Economy written by Mengtao Wu and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We build an endogenous growth model featuring a new mode of human capital accumulation in a data economy. Data are generated as the byproducts of economic activities and then used by consumers for human capital accumulation apart from education. Although we find similar growth patterns compared with those in the related literature, the economy is further accelerated by the new use of data factor. Quantitative analyses suggest that although the accumulation of human capital is promoted by the increasing importance of data, this promotion is not unlimited since data may over-absorb resources and crowd out education. In the transition dynamics, we see that consumers suffer temporary pain. However, as data become a key factor in human capital accumulation, welfare ultimately increases. Our paper provides a first view of the effect of the data factor in the process of human capital accumulation.
Download or read book Endogenous Economic Growth Human Capital and the Wage Premium written by Hartmut Prigge and published by . This book was released on 2001 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Human Capital and Economic Growth written by John W. Sumner and published by . This book was released on 1994 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economic and Fiscal Consequences of Immigration written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2017-07-13 with total page 643 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economic and Fiscal Consequences of Immigration finds that the long-term impact of immigration on the wages and employment of native-born workers overall is very small, and that any negative impacts are most likely to be found for prior immigrants or native-born high school dropouts. First-generation immigrants are more costly to governments than are the native-born, but the second generation are among the strongest fiscal and economic contributors in the U.S. This report concludes that immigration has an overall positive impact on long-run economic growth in the U.S. More than 40 million people living in the United States were born in other countries, and almost an equal number have at least one foreign-born parent. Together, the first generation (foreign-born) and second generation (children of the foreign-born) comprise almost one in four Americans. It comes as little surprise, then, that many U.S. residents view immigration as a major policy issue facing the nation. Not only does immigration affect the environment in which everyone lives, learns, and works, but it also interacts with nearly every policy area of concern, from jobs and the economy, education, and health care, to federal, state, and local government budgets. The changing patterns of immigration and the evolving consequences for American society, institutions, and the economy continue to fuel public policy debate that plays out at the national, state, and local levels. The Economic and Fiscal Consequences of Immigration assesses the impact of dynamic immigration processes on economic and fiscal outcomes for the United States, a major destination of world population movements. This report will be a fundamental resource for policy makers and law makers at the federal, state, and local levels but extends to the general public, nongovernmental organizations, the business community, educational institutions, and the research community.
