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James A Robinson - One of the best experts on this subject based on the ideXlab platform.
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institutions Human Capital and development
Annual Review of Economics, 2014Co-Authors: Daron Acemoglu, Francisco Gallego, James A RobinsonAbstract:In this article, we revisit the relationship among institutions, Human Capital, and development. We argue that empirical models that treat institutions and Human Capital as exogenous are misspecified, both because of the usual omitted variable bias problems and because of differential measurement error in these variables, and that this misspecification is at the root of the very large returns of Human Capital, about four to five times greater than that implied by micro (Mincerian) estimates, found in the previous literature. Using cross-country and cross-regional regressions, we show that when we focus on historically determined differences in Human Capital and control for the effect of institutions, the impact of institutions on long-run development is robust, whereas the estimates of the effect of Human Capital are much diminished and become consistent with micro estimates. Using historical and cross-country regression evidence, we also show that there is no support for the view that differences in the Human Capital endowments of early European colonists have been a major factor in the subsequent institutional development of former colonies.
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institutions Human Capital and development
Documentos de Trabajo, 2014Co-Authors: Daron Acemoglu, Francisco Gallego, James A RobinsonAbstract:In this paper we revisit the relationship between institutions, Human Capital and development. We argue that empirical models that treat institutions and Human Capital as exogenous are misspecified both because of the usual omitted variable bias problems and because of differential measurement error in these variables, and that this misspecification is at the root of the very large returns of Human Capital, about 4 to 5 times greater than that implied by micro (Mincerian) estimates, found in some of the previous literature. Using cross-country and cross-regional regressions, we show that when we focus on historically-determined differences in Human Capital and control for the effect of institutions, the impact of institutions on long-run development is robust, while the estimates of the effect of Human Capital are much diminished and become consistent with micro estimates. Using historical and cross-country regression evidence, we also show that there is no support for the view that differences in the Human Capital endowments of early European colonists have been a major factor in the subsequent institutional development of these polities.
Daron Acemoglu - One of the best experts on this subject based on the ideXlab platform.
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institutions Human Capital and development
Annual Review of Economics, 2014Co-Authors: Daron Acemoglu, Francisco Gallego, James A RobinsonAbstract:In this article, we revisit the relationship among institutions, Human Capital, and development. We argue that empirical models that treat institutions and Human Capital as exogenous are misspecified, both because of the usual omitted variable bias problems and because of differential measurement error in these variables, and that this misspecification is at the root of the very large returns of Human Capital, about four to five times greater than that implied by micro (Mincerian) estimates, found in the previous literature. Using cross-country and cross-regional regressions, we show that when we focus on historically determined differences in Human Capital and control for the effect of institutions, the impact of institutions on long-run development is robust, whereas the estimates of the effect of Human Capital are much diminished and become consistent with micro estimates. Using historical and cross-country regression evidence, we also show that there is no support for the view that differences in the Human Capital endowments of early European colonists have been a major factor in the subsequent institutional development of former colonies.
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institutions Human Capital and development
Documentos de Trabajo, 2014Co-Authors: Daron Acemoglu, Francisco Gallego, James A RobinsonAbstract:In this paper we revisit the relationship between institutions, Human Capital and development. We argue that empirical models that treat institutions and Human Capital as exogenous are misspecified both because of the usual omitted variable bias problems and because of differential measurement error in these variables, and that this misspecification is at the root of the very large returns of Human Capital, about 4 to 5 times greater than that implied by micro (Mincerian) estimates, found in some of the previous literature. Using cross-country and cross-regional regressions, we show that when we focus on historically-determined differences in Human Capital and control for the effect of institutions, the impact of institutions on long-run development is robust, while the estimates of the effect of Human Capital are much diminished and become consistent with micro estimates. Using historical and cross-country regression evidence, we also show that there is no support for the view that differences in the Human Capital endowments of early European colonists have been a major factor in the subsequent institutional development of these polities.
Francisco Gallego - One of the best experts on this subject based on the ideXlab platform.
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institutions Human Capital and development
Annual Review of Economics, 2014Co-Authors: Daron Acemoglu, Francisco Gallego, James A RobinsonAbstract:In this article, we revisit the relationship among institutions, Human Capital, and development. We argue that empirical models that treat institutions and Human Capital as exogenous are misspecified, both because of the usual omitted variable bias problems and because of differential measurement error in these variables, and that this misspecification is at the root of the very large returns of Human Capital, about four to five times greater than that implied by micro (Mincerian) estimates, found in the previous literature. Using cross-country and cross-regional regressions, we show that when we focus on historically determined differences in Human Capital and control for the effect of institutions, the impact of institutions on long-run development is robust, whereas the estimates of the effect of Human Capital are much diminished and become consistent with micro estimates. Using historical and cross-country regression evidence, we also show that there is no support for the view that differences in the Human Capital endowments of early European colonists have been a major factor in the subsequent institutional development of former colonies.
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institutions Human Capital and development
Documentos de Trabajo, 2014Co-Authors: Daron Acemoglu, Francisco Gallego, James A RobinsonAbstract:In this paper we revisit the relationship between institutions, Human Capital and development. We argue that empirical models that treat institutions and Human Capital as exogenous are misspecified both because of the usual omitted variable bias problems and because of differential measurement error in these variables, and that this misspecification is at the root of the very large returns of Human Capital, about 4 to 5 times greater than that implied by micro (Mincerian) estimates, found in some of the previous literature. Using cross-country and cross-regional regressions, we show that when we focus on historically-determined differences in Human Capital and control for the effect of institutions, the impact of institutions on long-run development is robust, while the estimates of the effect of Human Capital are much diminished and become consistent with micro estimates. Using historical and cross-country regression evidence, we also show that there is no support for the view that differences in the Human Capital endowments of early European colonists have been a major factor in the subsequent institutional development of these polities.
Ngoc Huynh - One of the best experts on this subject based on the ideXlab platform.
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Human Capital, Poverty Trap, and Industrialization Human Capital, Poverty Trap, and Industrialization Human Capital, Poverty Trap, and Industrialization Human Capital, Poverty Trap, and Industrialization ∗
2003Co-Authors: Ngoc HuynhAbstract:This paper is purposed to study the role of Human Capital in a two-sector economy consisting of a traditional sector and a modern sector, like Vietnam and other developing countries. By assuming that the modern sector requires some certain threshold level of Human Capital and the young can only borrow from their parents to invest on Human Capital because of the absence of a credit market for financing investment in Human Capital, we successfully construct an overlapping generations model in which there are a poverty trap in the traditional sector and a stable balanced growth path in the modern sector. This theoretical framework suggests important roles of public policies on Human Capital in reducing poverty and promoting the process of industrialization in developing countries. Empirical evidences, by using a cross-country database for developing countries and a cross-province database for the Vietnamese economy, also indicate that there are strongly positive relations between the levels of Human Capital and industrialization as well as an important role of public spending in education to the process of industrialization.
Wang Hao - One of the best experts on this subject based on the ideXlab platform.
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Human Capital investment and its incentive system
Journal of Nanjing Agricultural University, 2003Co-Authors: Wang HaoAbstract:The features and forms of Human Capital investment are summarized, the traditional doctrines and myths typically expressed as "whoever pays gains" in the field are treated with a grain of salt, a brand-new incentive system of Human Capital investment of "whoever gains pays" is established, which is logically based on the Capital appropriative character of Human Capital, the exteriority of Human Capital revenue, the risk of Human Capital investment, the burden and control capacity of Human Capital investor, and the existing institutional heritage and innovative room as well. Furthermore, the equitableness and effectiveness of Human Capital investment is addressed.
