Human Capital, Economic Growth, and Income Distribution PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Human Capital, Economic Growth, and Income Distribution PDF full book. Access full book title Human Capital, Economic Growth, and Income Distribution by Chang Gyu Kwag. Download full books in PDF and EPUB format.
Author: Chang Gyu Kwag
Publisher:
ISBN:
Category : Human capital
Languages : en
Pages : 414
Get Book Here
Book Description
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.)
Author: Chang Gyu Kwag
Publisher:
ISBN:
Category : Human capital
Languages : en
Pages : 414
Get Book Here
Book Description
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.)
Author: Jin Hwa Jung
Publisher:
ISBN:
Category : Labor economics
Languages : en
Pages : 214
Get Book Here
Book Description
The central theme of this thesis is the role of human capital as a major source of economic growth and reduced inequality of personal income distribution. This thesis develops a model of economic growth based upon human capital theory and the "capital-skill complementarity hypothesis". Using a nested constant-elasticity-of-substitution (CES) production function, it investigates the contribution of human capital and other inputs to output growth, while taking into account the different substitution relationships among the inputs. It also develops a model of personal income distribution with special emphasis on the levels and types of human capital as key determinants of personal income inequality. The models are then estimated from the time-series data for one developed country (the United States) and one developing country (Korea). The major findings of this study are the following: The contribution of human capital (primary, secondary, and higher education) and physical capital to economic growth is highly significant, whereas the contribution of raw labor is less substantial. The complementarity of human capital and physical capital, as opposed to the high degree of substitutability of raw labor and physical capital, serves to further highlight the importance of human capital in the process of economic growth. With respect to personal income distribution, human capital acquired from primary and secondary education is the single most important factor in reducing inequality. Investment in basic education not only reduces the overall inequality but also alleviates poverty problems by improving the relative economic status of the low-income group. Once controlled for human capital factors and labor absorption rates, the alleged trade-off between growth and equity is not observed. To sum up, the findings of this thesis suggest that, for sustained economic growth, investment in human capital should be emphasized along with the expansion of physical capital in the course of economic development. Educational expansion and improvement at the primary and secondary levels are proposed as being especially effective in achieving both faster economic growth and more equal income distribution, with neither coming at the expense of the other.
Author: Nico Heerink
Publisher: Springer Science & Business Media
ISBN: 3642785719
Category : Political Science
Languages : en
Pages : 404
Get Book Here
Book Description
In this book, a model of long-term interrelationships between income distribution, population growth and economic development is developed and estimated from data for 54 countries. The results indicate that a reduction of income inequality leads to lower fertility and mortality, to improvedbasic needs satisfaction, and to lower labour force participation of young and old males and of females in Asia and Africa. The effect of income distribution on saving and consumption is found to be negligible. These outcomes suggest that family planning and health policies in LDCs will show better results when they are supplemented with policies aimed at makingthe poor benefit from economic growth. As regards development policy, the results indicate that a reduction of income inequality does not impair the formation of physical capital, but enhances the formation of human capital and lowers the growth rate of the labour force.
Author: Oded Galor
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 94
Get Book Here
Book Description
Author: Sailesh K. Jha
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author: Mr.Shekhar Aiyar
Publisher: International Monetary Fund
ISBN: 1484396987
Category : Business & Economics
Languages : en
Pages : 23
Get Book Here
Book Description
We posit that the relationship between income inequality and economic growth is mediated by the level of equality of opportunity, which we identify with intergenerational mobility. In economies characterized by intergenerational rigidities, an increase in income inequality has persistent effects—for example by hindering human capital accumulation— thereby retarding future growth disproportionately. We use several recently developed internationally comparable measures of intergenerational mobility to confirm that the negative impact of income inequality on growth is higher the lower is intergenerational mobility. Our results suggest that omitting intergenerational mobility leads to misspecification, shedding light on why the empirical literature on income inequality and growth has been so inconclusive.
Author: Neri Salvadori
Publisher: Edward Elgar Publishing
ISBN: 9781781008218
Category : Business & Economics
Languages : en
Pages : 458
Get Book Here
Book Description
Economic Growth and Distribution isolates and compares the logical structures and methodological underpinnings underlying the relationship between economic growth and distribution. It carries out an in-depth analysis of a wide range of issues connected with growth theory considered from different theoretical perspectives. Its uniqueness is derived from the original contributions by a number of scholars of different persuasions; some within the mainstream and others from Keynesian-Kaleckian-Sraffian positions. The book deals with a wide variety of research topics concerning economic growth and distribution, such as the transition from the epoch of Malthusian stagnation to the contemporary era of modern economic growth; comparisons among the classical tradition, modern theory, and heterodox models; problems of policy; dynamics and business cycles; the role on institutions.
Author: Gary S. Becker
Publisher: University of Chicago Press
ISBN: 0226041220
Category : Business & Economics
Languages : en
Pages : 413
Get Book Here
Book Description
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
Author: Oded Galor
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 66
Get Book Here
Book Description
Author: Leslie Gunaratne
Publisher:
ISBN:
Category : Human capital
Languages : en
Pages : 228
Get Book Here
Book Description
