Download or read book Two Essays in the Theory of Human Capital written by Huoying Wu and published by . This book was released on 1989 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on Human Capital and Its Relation to Changing Patterns of Employment and Technological Change written by Robert Piron and published by . This book was released on 1969 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on Human Capital Accumulation and Economic Growth written by Alexandros T. Mourmouras and published by . This book was released on 1988 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on Human Capital written by Prathibha V. Joshi and published by . This book was released on 2003 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Human Capital and the Theory of International Trade written by Filippo Cartiglia and published by . This book was released on 1992 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on the Micro foundations of Entrepreneurial Human Capital written by Andy El-Zayaty and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation, I examine the micro-foundations of entrepreneurial human capital in three inter-related essays. In the first essay, I examine the impacts of the use of vague language by entrepreneurs on venture funding outcomes and identify how human capital associated with the use of rhetoric moderates that relationship. In essay 2, I further explore the theme of entrepreneurial language use. Using both archival and experimental data, I test the impact of complex language on the success of crowdfunding ventures, and examine how this effect interacts with the presence of external signals of quality. Finally, in essay 3, I build a theoretical framework exploring how the search processes which underly the aggregation of firm level human capital resources sometimes lead to negative outcomes. By incorporating search and complexity theory into the extant theory on human capital aggregation, I generate new insights into the unintended impacts of the aggregation process over the lifecycle of the firm.
Download or read book Two Essays on Human Capital and Firm Valuation written by Vanessa M. Holmes and published by . This book was released on 2006 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study in Essay 2, entitled "The Value Premium of Human Capital for Biotechnology Firms," uses refinement of event studies to show the valuation relevance of human capital at the margin. Specifically, changes in abnormal returns and the dollar wealth effect are calculated as the unexpected departure from or addition of "key" scientists to biotechnology firms.
Download or read book Human Capital Economic Growth and Income Distribution Three Essays on Human Capital written by Chang Gyu Kwag and published by . This book was released on 1991 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay one is concerned with how and why an individual invests in human capital and how tax policy affects investment in human capital. We examine optimal investment in human capital and the effect of tax policy on human capital formation, and test several hypotheses derived from the theory using U.S. time-series data. Investment in human capital in terms of college enrollment rates is positively related to family income, rate of return to human capital, and unemployment rates, while it is negatively related to educational cost, and rate of return to physical capital. In addition, the average income tax rates show a negative effect on college enrollment rates. Essay two discusses human capital and economic growth. We first investigate the elasticities of substitution among inputs using the nested constant elasticity of substitution production function to focus on the so-called capital-skill complementarity hypothesis. We here compare two models: one is a model with human capital and raw labor, and the other is a model with higher skilled labor and lower skilled labor. In both models, the elasticities of substitution among inputs are very low, but the complementarity hypothesis is still weakly confirmed. Human capital turns out to be essential in achieving medium-term economic growth empirically. We also demonstrate the key role of human capital in the long-term steady state within the context of the endogenous growth model. Essay three considers the role of human capital on income distribution. Using the nested CES production function, we first derive factor shares, and then examine the relationship between functional and personal income distribution. An increase in share of labor income reduces overall income inequality, while an increase in share of transfer income has a negative effect on income distribution. Human capital, especially primary and secondary level of human capital stock, is a crucial factor in reducing income inequality. Finally, this study develops and presents new estimates of human capital stock in the United States, as well as annual earnings, and labor force by education level for the period 1947-1989. Data shows that the growth rate of GNP is very closely related to that of human capital stock. (Abstract shortened with permission of author.).
Download or read book Three Essays on Human Capital written by Xiaoyan Chen Youderian and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The first essay considers how the timing of government education spending influences the intergenerational persistence of income. We build a life-cycle model where human capital is accumulated in early and late childhood. Both families and the government can increase the human capital of young agents by investing in education at each stage of childhood. Ability in each dynasty follows a stochastic process. Different abilities and resultant spending histories generate a stochastic steady state distribution of income. We calibrate our model to match aggregate statistics in terms of education expenditures, income persistence and inequality. We show that increasing government spending in early childhood education is effective in lowering intergenerational earnings elasticity. An increase in government funding of early childhood education equivalent to 0.8 percent of GDP reduces income persistence by 8.4 percent. We find that this relatively large effect is due to the weakening relationship between family income and education investment. Since this link is already weak in late childhood, allocating more public resources to late childhood education does not improve the intergenerational mobility of economic status. Furthermore, focusing more on late childhood may raise intergenerational persistence by amplifying the gap in human capital developed in early childhood. The second essay considers parental time investment in early childhood as an education input and explores the impact of early education policies on labor supply and human capital. I develop a five-period overlapping generations model where human capital formation is a multi-stage process. An agent's human capital is accumulated through early and late childhood. Parents make income and time allocation decisions in response to government expenditures and parental leave policies. The model is calibrated to the U.S. economy so that the generated data matches the Gini index and parental participation in education expenditures. The general equilibrium environment shows that subsidizing private education spending and adopting paid parental leave are both effective at increasing human capital. These two policies give parents incentives to increase physical and time investment, respectively. Labor supply decreases due to the introduction of paid parental leave as intended. In addition, low-wage earners are most responsive to parental leave by working less and spending more time with children. The third essay is on the motherhood wage penalty. There is substantial evidence that women with children bear a wage penalty of 5 to 10 percent due to their motherhood status. This wage gap is usually estimated by comparing the wages of working mothers to childless women after controlling for human capital and individual characteristics. This method runs into the problem of selection bias by excluding non-working women. This paper addresses the issue in two ways. First, I develop a simple model of fertility and labor participation decisions to examine the relationships among fertility, employment, and wages. The model implies that mothers face different reservation wages due to variance in preference over child care, while non-mothers face the same reservation wage. Thus, a mother with a relatively high wage may choose not to work because of her strong preference for time with children. In contrast, a childless woman who is not working must face a relatively low wage. For this reason, empirical analysis that focuses only on employed women may result in a biased estimate of the motherhood wage penalty. Second, to test the predictions of the model, I use 2004-2009 data from the 1997 National Longitudinal Survey of Youth (NLSY97) and include non-working women in the two-stage Heckman selection model. The empirical results from OLS and the fixed effects model are consistent with the findings in previous studies. However, the child penalty becomes smaller and insignificant after non-working women are included. It implies that the observed wage gap in the labor market appears to overstate the child wage penalty due to the sample selection bias.
Download or read book Essays on Human Capital Heterogeneity and Agglomeration written by Michaela Patton and published by . This book was released on 2015 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays exploring how human capital heterogeneity within cities enhances individual productivity. Agglomeration theory suggests productivity is driven by rapid and frequent interactions with others in spatially-constrained areas. Using formal education data from the 2011 American Community Survey, we empirically test that theory by estimating the effects of local human capital stock characteristics on individual wages. In essay one, we posit that some kinds of knowledge are harder to exchange remotely and thus workers possessing those knowledge types benefit more from close physical proximity to others. Our theoretical framework demonstrates the returns to finding a partner to exchange ideas with are heterogeneous across knowledge types. We propose agglomerative environments favor "soft skills" where creativity and informal networking are important. Our empirical results show people with non-STEM majors benefit more from locating within a city. Conversely, terminal degrees such as a J.D. or M.D. experience a smaller urban wage premium. Essay two studies the role of specialization of human capital types for individual productivity. Glaeser et al. (1992) finds local industrial specialization has a non-increasing effect on employment and wage growth. Our empirical results indicate specialization of knowledge can play an important role in promoting productivity when simultaneously controlling for a population size effect via the urban wage premium. We find STEM-related knowledge benefits greatly from local specialization of knowledge. However, the urbanization effect from city population size often exceeds the specialization effect. The third essay studies how workers in cities learn from one another in dense economic settings. Following Winters (2014), we estimate the impact of changes in the local stock of particular knowledge types on individual wages. The richness of our data allows us to estimate the productivity effects from over 400 different combinations of human capital interactions. We find most knowledge types are more productive when local STEM presence increases. The effect is strongest among workers with higher levels of educational attainment in the earlier stages of their careers. Similarly, areas such as government and psychology generate productivity gains among others. However, the lowest productivity gains occur from interactions with religious or education backgrounds.
Download or read book Essays on Human Capital Institutions and Economic Growth written by Babar Hussain and published by . This book was released on 2011 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Human Capital written by Gary S. Becker and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A diverse array of factors may influence both earnings and consumption; however, this work primarily focuses on the impact of investments in human capital upon an individual's potential earnings and psychic income. For this study, investments in human capital include such factors as educational level, on-the-job skills training, health care, migration, and consideration of issues regarding regional prices and income. Taking into account varying cultures and political regimes, the research indicates that economic earnings tend to be positively correlated to education and skill level. Additionally, studies indicate an inverse correlation between education and unemployment. Presents a theoretical overview of the types of human capital and the impact of investment in human capital on earnings and rates of return. Then utilizes empirical data and research to analyze the theoretical issues related to investment in human capital, specifically formal education. Considered are such issues as costs and returns of investments, and social and private gains of individuals. The research compares and contrasts these factors based upon both education and skill level. Areas of future research are identified, including further analysis of issues regarding social gains and differing levels of success across different regions and countries. (AKP).
Download or read book Essays on Human Capital Accumulation and Development written by Hyunseok Kim (Ph.D.) and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Human Capital written by Gary S. Becker and published by University of Chicago Press. This book was released on 2009-05-15 with total page 413 pages. Available in PDF, EPUB and Kindle. Book excerpt: Human Capital is Becker's classic study of how investment in an individual's education and training is similar to business investments in equipment. Recipient of the 1992 Nobel Prize in Economic Science, Gary S. Becker is a pioneer of applying economic analysis to human behavior in such areas as discrimination, marriage, family relations, and education. Becker's research on human capital was considered by the Nobel committee to be his most noteworthy contribution to economics. This expanded edition includes four new chapters, covering recent ideas about human capital, fertility and economic growth, the division of labor, economic considerations within the family, and inequality in earnings. "Critics have charged that Mr. Becker's style of thinking reduces humans to economic entities. Nothing could be further from the truth. Mr. Becker gives people credit for having the power to reason and seek out their own best destiny."—Wall Street Journal
Download or read book Studies in Human Capital written by Jacob Mincer and published by Edward Elgar Publishing. This book was released on 1993 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first of two volumes containing edited selections of Professor Mincer's essays, some of which are published here for the first time. The essays assess the impact of education and job training on wage growth and offer a study of the effects of human capital investments on labour turnover and the impact of technological change on human capital formation. Topics covered include human capital and earnings, human capital, wage growth, labour turnover and unemployment and technology and the demand for human capital.
Download or read book Essays on the Economics of Human Capital written by Wei-Cheng Chen (Economist) and published by . This book was released on 2014 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1. "Growth in a Patrilocal Economy: Female Schooling, Household Savings, and China's One-Child Policy," joint with Ting-Wei Lai. In this chapter, we answer the following question: What are the economic consequences of China's One-Child policy? We develop a model of parental education decision to analyze how a population control policy affects saving and schooling in a patrilocal society, where sons are responsible to support parents, but daughters are not. Parent's investment on education depends on the degree of parental altruism and the need for old-age security. A tighter population control policy increases parental altruism and the rate of return on schooling, and shortens gender gap in education. There is also a dynamic incentive for daughter's education, since lower fertility promotes female labor market participation, and increases the value of female education. We then calibrate our model to the Chinese economy and show the extent to which the "One-Child" policy explains the rapid growth of household saving and female schooling. Chapter 2. "Limiting Applications in College Admissions and Evidence from Conflicting Examinations," joint with Yi-Cheng Kao. One of the most distinctive trends in global education over the past few decades is the rapid expansion of higher education. Moreover, since 2000, East Asia has had the fastest growth and the largest share of student enrollment in higher education. However, one might suspect that the overall quality of education has not improved as well. In this paper, my coauthor and I explore the micro-aspect of education as a joint product between a school and a student in order to understand how the quality of education evolves. In particular, for many Asian countries, entrance examination is the primary screening device for college admissions. We present a college admissions problem in which schools may gain from limiting students' application portfolios, and derive conditions under which a lower ranked school can attract better students by applying such strategy We argue that top schools in Taiwan have strategically used the date of entrance examination to limiting students' application, and nd supporting empirical evidence. The empirical results suggest that departments with prestige close to the top could improve their students' quality by setting the same examination dates as the best school. These findings are consistent with the predictions of our theory. Chapter 3. "Calming the Crazed or Fueling the Flames: A Noisy Screening Model of Lending Standards and Credit Cycle." This chapter discusses the difficulty of funding ideas. Why is credit pro-cyclical? More importantly, why does a credit boom-bust cycle happen? These empirical facts seem to contradict the theory of intertemporal consumption smoothing, and suggest that financial intermediaries play an important role. In this paper, I present a statistical model of bank lending standards, and analyze the conditions under which a credit boom-bust emerges. In this model, a bank needs to screen borrowers who hold private information. For each loan application, the bank receives a noisy signal about the quality of the project. A bank's funding policy is a decision rule conditional on the signal received. Because borrowers face application costs, their decision to participate is affected by the bank's funding policy. I show that the bank's optimal funding policy can be summarized by a lending standard, defined as the significance level of the bank's screening test while reviewing loan applications, which is to say, the probability a bad project will be funded. While bank lending standard is countercyclical, whether it stabilizes or amplifies shocks on fundamentals depends on borrowers' participation decisions. In particular, credit booms happen when banks lower lending standards to attract low-quality borrowers, and busts happen when banks tighten standards to exclude them. I also show that credit booms are likely to be triggered by TFP gains or cheaper capital, consistent with empirical findings.
Download or read book Human Capital Migration Flows and Government Spending written by Romano Piras and published by . This book was released on 1997 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:
