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Aggregate Human Capital
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James Thomson – One of the best experts on this subject based on the ideXlab platform.
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Why Isn’t Convergence Instantaneous? Young Workers, Old Workers, and Gradual Adjustment
Journal of Economic Growth, 1998Co-Authors: Michael Kremer, James ThomsonAbstract:The Human Capital of young and old workers are imperfect substitutes both in production and in providing on-the-job training. This helps explain why Capital does not flow from rich to poor countries, causing instantaneous convergence of per capita output. If each generation chooses its Human Capital optimally, given that of the preceding and succeeding generations, Human Capital follows a unique rational-expectations path. For moderate substitutability, Human Capital within each sector oscillates relative to that in other sectors, but Aggregate Human Capital converges to the steady state monotonically.
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Why Isn’t Convergence Instantaneous? Young Workers, Old Workers, and Gradual Adjustment
Journal of Economic Growth, 1998Co-Authors: Michael Kremer, James ThomsonAbstract:The Human Capital of young and old workers are imperfect substitutes both in production and in providing on-the-job training. This helps explain why Capital does not flow from rich to poor countries, causing instantaneous convergence of per capita output. If each generation chooses its Human Capital optimally, given that of the preceding and succeeding generations, Human Capital follows a unique rational-expectations path. For moderate substitutability, Human Capital within each sector oscillates relative to that in other sectors, but Aggregate Human Capital converges to the steady state monotonically. Copyright 1998 by Kluwer Academic Publishers
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Young Workers, Old Workers, and Convergence
National Bureau of Economic Research, 1994Co-Authors: Michael Kremer, James ThomsonAbstract:The Human Capital of young and old workers are imperfect substitutes both in production and in on-the-job training. This helps explain why Capital does not flow from rich to poor countries, causing instantaneous convergence of per capita output. If each generation chooses its Human Capital optimally given that of the previous and succeeding generations, Human Capital follows a unique rational- expectations path. For moderate substitutability, Human Capital within each sector oscillates relative to that in other sectors, but Aggregate Human Capital converges to the steady state monotonically, at rates consistent with those observed empirically.
Ann L. Owen – One of the best experts on this subject based on the ideXlab platform.
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From Indoctrination To The Culture Of Change: Technological Progress, Adaptive Skills, And The Creativity Of Nations
Social Science Research Network, 1999Co-Authors: Murat Iyigun, Ann L. OwenAbstract:We distinguish learning in a static environment from that in a dynamic environment to show the existence of an important interaction between the development of new technologies and Human Capital accumulation. Since technological progress creates a more dynamic and uncertain environment, it not only increases the rewards to education and ability but also enhances adaptive skills. The latter in turn determine how effectively new technologies are utilized in production because they help the workforce to innovate and improve new technologies. Thus, the adaptive skills of a workforce are an important link with which inventions and innovations play complementary roles in technological progress. Our results suggest why countries that have comparable levels of Aggregate Human Capital and that are in similar stages of development may differ significantly in how successful they are in implementing new technologies. They also show how the intergenerational transmission of knowledge evolves endogenously with technological change. If technology changes rapidly during the process of development, learning fosters the intergenerational propagation of adaptive skills. In contrast, if technological progress is slow during development, the education of the young reinforces the learning of long-held norms.
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Entrepreneurs, Professionals, and Growth
Journal of Economic Growth, 1999Co-Authors: Murat F. Iyigun, Ann L. OwenAbstract:We examine the implications for growth and development of the existence of two types of Human Capital: entrepreneurial and professional. Entrepreneurs accumulate Human Capital through a work-experience intensive process, whereas professionals’ Human Capital accumulation is education-intensive. Moreover, the return to entrepreneurship is uncertain. We show how skill-biased technological progress leads to changes in the composition of Aggregate Human Capital; as technology improves, individuals devote less time to the accumulation of Human Capital through work experience and more to the accumulation of Human Capital through professional training. Thus, our model explains why entrepreneurs play a relatively more important role in intermediate-income countries and professionals are relatively more abundant in richer economies. It also shows that those countries that initially have too little of either entrepreneurial or professional Human Capital may end up in a development trap.
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Entrepreneurs, Professionals, and Growth
Journal of Economic Growth, 1999Co-Authors: Murat F. Iyigun, Ann L. OwenAbstract:We examine the implications for growth and development of the existence of two types of Human Capital: entrepreneurial and professional. Entrepreneurs accumulate Human Capital through a work-experience intensive process, whereas professionals’ Human Capital accumulation is education-intensive. Moreover, the return to entrepreneurship is uncertain. We show how skill-biased technological progress leads to changes in the composition of Aggregate Human Capital; as technology improves, individuals devote less time to the accumulation of Human Capital through work experience and more to the accumulation of Human Capital through professional training. Thus, our model explains why entrepreneurs play a relatively more important role in intermediate-income countries and professionals are relatively more abundant in richer economies. It also shows that those countries that initially have too little of either entrepreneurial or professional Human Capital may end up in a development trap. Copyright 1999 by Kluwer Academic Publishers
Keigo Nishida – One of the best experts on this subject based on the ideXlab platform.
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Multistage public education, voting, and income distribution
Journal of Economics, 2017Co-Authors: Katsuyuki Naito, Keigo NishidaAbstract:This paper proposes a theory to study the formulation of education policies and Human Capital accumulation. The government collects income taxes and allocates tax revenue to primary and higher education. The tax rate and the allocation rule are both endogenously determined through majority voting. The tax rate is kept at a low level, and public funding for higher education is not supported unless the majority of individuals have Human Capital above some threshold. Although public support for higher education promotes Aggregate Human Capital accumulation, it may create long-run income inequality because the poor are excluded from higher education.
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Composition of Public Education Expenditures and Human Capital Accumulation
, 2012Co-Authors: Katsuyuki Naito, Keigo NishidaAbstract:This paper provides a simple theory to study how the allocation of public funds between primary and higher education affects Human Capital accumulation. The allocation is endogenously determined through majority voting. Public funding for higher education is not supported when a majority is poor. In some cases, higher education starts to be realized as a majority of individuals accumulate enough Human Capital through primary education. Although the emergence of higher education can accelerate Aggregate Human Capital accumulation, it widens income inequality because the very poor are excluded from higher education and the declined budget share for primary education decreases its quality.