The Returns On Human Capital
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| Author | : Gary S. Becker |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2009 |
| Genre | : |
| ISBN | : |
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).
| Author | : Hanno Lustig |
| Publisher | : |
| Total Pages | : 80 |
| Release | : 2005 |
| Genre | : Rate of return |
| ISBN | : |
"We use a standard single-agent model to conduct a simple consumption growth accounting exercise. Consumption growth is driven by news about current and expected future returns on the market portfolio. The market portfolio includes financial and human wealth. We impute the residual of consumption growth innovations that cannot be attributed to either news about financial asset returns or future labor income growth to news about expected future returns on human wealth, and we back out the implied human wealth and market return process. This accounting procedure only depends on the agent's willingness to substitute consumption over time, not her consumption risk preferences. We find that innovations in current and future human wealth returns are negatively correlated with innovations in current and future financial asset returns, regardless of the elasticity of intertemporal substitution. The evidence from the cross-section of stock returns suggests that the market return we back out of aggregate consumption innovations is a better measure of market risk than the return on the stock market"--National Bureau of Economic Research web site.
| Author | : Rita Almeida |
| Publisher | : World Bank Publications |
| Total Pages | : 30 |
| Release | : 2006 |
| Genre | : Capital humano |
| ISBN | : |
In this paper the authors estimate the rate of return to firm investments in human capital in the form of formal job training. They use a panel of large firms with unusually detailed information on the duration of training, the direct costs of training, and several firm characteristics such as their output, workforce characteristics, and capital stock. Their estimates of the return to training vary substantially across firms. On average it is -7 percent for firms not providing training and 24 percent for those providing training. Formal job training is a good investment for many firms and the economy, possibly yielding higher returns than either investments in physical capital or investments in schooling. In spite of this, observed amounts of formal training are small.
| Author | : T. Paul Schultz |
| Publisher | : University of Chicago Press |
| Total Pages | : 474 |
| Release | : 1995-06-15 |
| Genre | : Business & Economics |
| ISBN | : 9780226740874 |
How are human capital investments allocated between women and men? What are the returns to investments in women's nutrition, health care, education, mobility, and training? In thirteen wide-ranging and innovative empirical analyses, Investment in Women's Human Capital explores the nature of human capital distributions to women and their effect on outcomes within the family. Section I considers the experiences of high-income countries, examining the limitations of industrialization for the advancement of women; returns to secondary education for women; and state control of women's education and labor market productivity through the design of tax systems and the public subsidy of children. The remaining four sections investigate health, education, household structure and labor markets, and measurement issues in low-income countries, including the effect of technological change on transfers of wealth to and from children in India; women's and men's responses to the costs of medical care in Kenya; the effects of birth order and sex on educational attainment in Taiwan; wage returns to schooling in Indonesia and in Cote d'Ivoire; and the increasing prevalence of female-headed households and the correlates of gender differences in wages in Brazil.
| Author | : Andreas Savvides |
| Publisher | : Stanford University Press |
| Total Pages | : 336 |
| Release | : 2008-10-10 |
| Genre | : Business & Economics |
| ISBN | : 0804769761 |
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.
| Author | : Adam Smith |
| Publisher | : |
| Total Pages | : 522 |
| Release | : 1822 |
| Genre | : Economics |
| ISBN | : |
| Author | : Claudia Goldin |
| Publisher | : Harvard University Press |
| Total Pages | : 497 |
| Release | : 2009-07-01 |
| Genre | : Business & Economics |
| ISBN | : 0674037731 |
This book provides a careful historical analysis of the co-evolution of educational attainment and the wage structure in the United States through the twentieth century. The authors propose that the twentieth century was not only the American Century but also the Human Capital Century. That is, the American educational system is what made America the richest nation in the world. Its educational system had always been less elite than that of most European nations. By 1900 the U.S. had begun to educate its masses at the secondary level, not just in the primary schools that had remarkable success in the nineteenth century. The book argues that technological change, education, and inequality have been involved in a kind of race. During the first eight decades of the twentieth century, the increase of educated workers was higher than the demand for them. This had the effect of boosting income for most people and lowering inequality. However, the reverse has been true since about 1980. This educational slowdown was accompanied by rising inequality. The authors discuss the complex reasons for this, and what might be done to ameliorate it.
| Author | : Hanno N. Lustig |
| Publisher | : |
| Total Pages | : |
| Release | : 2010 |
| Genre | : |
| ISBN | : |
We use a standard single-agent model to conduct a simple consumption growth accounting exercise. Consumption growth is driven by news about current and expected future returns on the market portfolio. We impute the residual of consumption growth innovations that cannot be attributed to either news about financial asset returns or future labor income growth to news about expected future returns on human wealth, and we back out the implied human wealth and market return process. Innovations in current and future human wealth returns are negatively correlated with innovations in current and future financial asset returns, regardless of the elasticity of intertemporal substitution.
| Author | : Phillip Brown |
| Publisher | : Oxford University Press |
| Total Pages | : 224 |
| Release | : 2020-09-24 |
| Genre | : Social Science |
| ISBN | : 0190644338 |
Human capital theory, or the notion that there is a direct relationship between educational investment and individual and national prosperity, has dominated public policy on education and labor for the past fifty years. In The Death of Human Capital?, Phillip Brown, Hugh Lauder, and Sin Yi Cheung argue that the human capital story is one of false promise: investing in learning isn't the road to higher earnings and national prosperity. Rather than abandoning human capital theory, however, the authors redefine human capital in an age of smart machines. They present a new human capital theory that rejects the view that automation and AI will result in the end of waged work, but see the fundamental problem as a lack of quality jobs offering interesting, worthwhile, and rewarding opportunities. A controversial challenge to the reigning ideology, The Death of Human Capital? connects with a growing sense that capitalism is in crisis, felt by students and the wider workforce, shows what's at stake in the new human capital while offering hope for the future.
| Author | : Rita Almeida |
| Publisher | : |
| Total Pages | : 30 |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
In this paper the authors estimate the rate of return to firm investments in human capital in the form of formal job training. They use a panel of large firms with unusually detailed information on the duration of training, the direct costs of training, and several firm characteristics such as their output, workforce characteristics, and capital stock. Their estimates of the return to training vary substantially across firms. On average it is -7 percent for firms not providing training and 24 percent for those providing training. Formal job training is a good investment for many firms and the economy, possibly yielding higher returns than either investments in physical capital or investments in schooling. In spite of this, observed amounts of formal training are small.
