scholarly journals The Human Capital Stock: A Generalized Approach: Comment

2019 ◽  
Vol 109 (3) ◽  
pp. 1155-1174 ◽  
Author(s):  
Francesco Caselli ◽  
Antonio Ciccone
Keyword(s):  
Human Capital ◽  
Capital Stock ◽  
Economic Environment ◽  
Relative Wage ◽  
Skilled Workers ◽  
Different Types ◽  
Development Accounting

Jones (2014 ) examines development accounting with imperfect substitutability between different types of skills in the production of output. He finds that human capital variation can account for the totality of the variation in income across countries. We show that this finding is entirely due to an assumption that the relative wage of skilled workers is solely determined by attributes of workers (once the supply of skilled workers is accounted for). If skill premia are predominantly determined by technology, institutions, and other features of the economic environment, human capital differences explain none of the variation in income per worker. (JEL E24, I26, J24, J31)

scholarly journals Does the Impact of China’s Outward Foreign Direct Investment on Reverse Green Technology Process Differ across Countries?

2018 ◽  
Vol 10 (11) ◽  
pp. 3841 ◽  
Author(s):  
Songping Zhu ◽  
Azhong Ye
Keyword(s):  
Developing Countries ◽  
Human Capital ◽  
Foreign Direct Investment ◽  
Capital Stock ◽  
Direct Investment ◽  
Technological Progress ◽  
Green Technology ◽  
Outward Foreign Direct Investment ◽  
Different Types ◽  
The Impact

The reverse technology spillover effect of Outward Foreign Direct Investment (OFDI) has been widely discussed. In the context of pursuing green growth, a few scholars began to study the impact of OFDI on home country green technological progress or green total factor productivity. However, few of these papers have made a thorough analysis of how OFDI affects the home country’s green technological progress, and have not considered the impact of different types of OFDI on green technological progress. This paper extends the basic analysis framework of technological progress to green technological progress, and discusses for the first time the ways for China to invest in developed and developing countries to achieve green technological progress. Specifically, this paper combines the global Malmquist productivity concept with the directional distance function to construct the global Malmquist Luenberger (GML) index to describe green technological progress of China’s provinces, and uses panel data model from 2003 to 2016 to study the impact of China’s investment in different types of countries. The results show that: (1) China’s investment in developed countries can bring reverse green technology spillovers and promote China’s green technology progress. But this is also affected by China’s domestic human capital stock, the increase in human capital stock is conducive to the absorption of green technology. (2) OFDI flows to transition or developing countries have failed to bring about green technological progress, but domestic R&D capital stock can produce a control response. (3) Environmental regulation, import trade and domestic R&D capital stock can bring positive effects on green technology progress, while foreign direct investment, fiscal decentralization and economic growth hinder green technology progress. (4) There is regional heterogeneity in the impact of OFDI with different directions on green technological progress. Because of environmental regulation and economic development, the eastern region of China is easier to obtain reverse green technology progress than the central and western regions in the process of OFDI.

Does the Choice between Wage Inequality and Unemployment Affect Productivity Growth?

2006 ◽  
Vol 7 (1) ◽  
pp. 87-112 ◽  
Author(s):  
Lutz G. Arnold
Keyword(s):  
Human Capital ◽  
Wage Inequality ◽  
Productivity Growth ◽  
Capital Accumulation ◽  
Overlapping Generations ◽  
Wage Distribution ◽  
Relative Wage ◽  
Wage Rigidity ◽  
Skilled Workers ◽  
Ceteris Paribus

Abstract We present a non-scale continuous-time overlapping-generations growth model that provides an explanation for why economies with relative wage rigidity feature higher unemployment, but not slower productivity growth, than economies with flexible wages. The compression of the wage distribution associated with relative wage rigidity slows down human capital accumulation and growth ceteris paribus. But unemployment among the low-skilled workers strengthens the incentives to invest in human capital and, hence, growth. The two effects are offsetting, and growth is independent of the prevailing degree of relative wage rigidity. This knife-edge result is robust with respect to some modifications of the model.

scholarly journals The macroeconomic effects of COVID-19 in Montenegro: a Bayesian VARX approach

2020 ◽  
Vol 6 (1) ◽  
Author(s):  
Gordana Djurovic ◽  
Vasilije Djurovic ◽  
Martin M. Bojaj
Keyword(s):  
Human Capital ◽  
Capital Stock ◽  
Economic Freedom ◽  
Supply And Demand ◽  
Health Expenditures ◽  
Highly Qualified ◽  
Demand And Supply ◽  
Policy Responses ◽  
Out Of Sample ◽  
Policy Measures

Abstract This study examines, diagnoses, and assesses appropriate macroeconomic policy responses of the Montenegrin Government to the outbreak of COVID-19. The model econometrically measures the macroeconomic costs using a Bayesian VARX Litterman/Minessota prior to the pandemic disease in terms of demand and supply loss due to illness and closed activities and their effects on GDP growth in various pandemic scenarios. We explore five economic scenarios—shocks—using the available data from January 2006 to December 2019, following real out-of-sample forecasts generated from January 2020 to December 2020. Sensitivity scenarios spanning January 2020 to June 2020 from ± 10 to ± 60% were analyzed. We observed what happens to the supply and demand sides, namely, GDP, tourism, capital stock, human capital, health expenditures, economic freedom, and unemployment. The results show a toll on the GDP, tourism, unemployment, capital stock, and especially human capital for 2020. The recommended policy measures are public finance spending initiatives focused on securing employment and keeping highly qualified staff in Montenegrin companies. Considering all uncertainties, the rebound of the Montenegrin economy could take a few years to reach pre-COVID 19 output levels.

scholarly journals Measuring the UK's human capital stock

2010 ◽  
Vol 4 (11) ◽  
pp. 36-63 ◽  
Author(s):  
Richard Jones ◽  
Blessing Chiripanhura
Keyword(s):  
Human Capital ◽  
Capital Stock

The dollar, trade, technology and inequality in the USA

1998 ◽  
Vol 166 ◽  
pp. 78-86 ◽  
Author(s):  
Bob Anderton ◽  
Paul Brenton
Keyword(s):  
Technological Change ◽  
Relative Wage ◽  
Skilled Workers ◽  
Wage Bill ◽  
Sudden Rise ◽  
The Us ◽  
The Usa ◽  
Trade Competitiveness ◽  
The Impact ◽  
High Skill

The US experienced a considerable increase in inequality between skilled and less-skilled workers during the early 1980s—a period which corresponds with a large temporary appreciation of the dollar. This article investigates the reasons behind this rise in inequality by evaluating the impact of trade with low-wage countries (LWCs) and technological change on the wage bill share of skilled workers (which is designed to capture movements in inequality arising from changes in both the relative wage and employment opportunities of the less-skilled). We find that an increase in US imports from LWCs—encouraged by the large appreciation of the dollar in the early 1980s—seems to explain some of the rise in US inequality in low-skill-intensive sectors, but that technological change (proxied by R&D expenditure) explains the rise in inequality in high-skill-intensive sectors. However, given that the timing of the sudden rise in US R&D expenditure corresponds with the appreciation of the dollar, it may be the case that the deterioration in US trade competitiveness during this period contributed to the rapid increase in the rate of technological change via mechanisms such as ‘defensive innovation’. Hence one might also argue that the technology-based explanation for the rise in US inequality could actually be a trade-based explanation.

scholarly journals HUMAN CAPITAL AND ITS ROLE IN THE FOURTH INDUSTRIAL REVOLUTION

2021 ◽  
Author(s):  
Yelyzaveta Snitko ◽  
Yevheniia Zavhorodnia
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Labor Market ◽  
Technological Change ◽  
Industrial Revolution ◽  
Skilled Workers ◽  
Fourth Industrial Revolution ◽  
Modern Economy ◽  
The Future ◽  
The Impact

The development of a modern economy, in the context of the fourth industrial revolution, is impossible without the accumulation and development of human capital, since the foundation of the transformation of the economic system in an innovative economy is human capital. In this regard, the level of development and the efficiency of using human capital are of paramount importance. This article attempts to assess the role of human capital in the fourth industrial revolution. In the future, human talent will play a much more important role in the production process than capital. However, it will also lead to a greater division of the labor market with a growing gap between low-paid and high-paid jobs, and will contribute to an increase in social tensions. Already today, there is an increase in demand for highly skilled workers, especially in high-income countries, with a decrease in demand for workers with lower skills and lower levels of education. Analysis of labor market trends suggests that the future labor market is a market where there is simultaneously a certain demand for both higher and lower skills and abilities, combined with the devastation of the middle tier. The fourth industrial revolution relies heavily on the concept of human capital and the importance of finding complementarity between human and technology. In assessing the impact of the fourth industrial revolution, the relationship between technology, economic growth and human resources was examined. The analysis was carried out in terms of three concepts of economic growth, technological change and human capital. Human capital contributes to the advancement of new technologies, which makes the concept of human capital an essential factor in technological change. The authors emphasize that the modern economy makes new demands on workers; therefore it is necessary to constantly accumulate human capital, develop it through continuous learning, which will allow the domestic economy to enter the trajectory of sustainable economic growth. The need to create conditions for a comprehensive increase in the level of human capital development is noted.

Analysis of Budapest as a Film Tourism Destination

2022 ◽  
pp. 257-279
Author(s):  
Árpád Ferenc Papp-Váry ◽  
Tímea Zsófia Tóth
Keyword(s):  
Economic Performance ◽  
Film Industry ◽  
Economic Environment ◽  
Tourism Destination ◽  
Secondary Sources ◽  
Different Types ◽  
Film Productions ◽  
The City

The Hungarian film industry has undergone a huge change recently, becoming a pull sector and repositioning the country in Europe. The economic performance of Budapest's film industry is growing steadily, which has also been facilitated by the strategic steps of recent years, making the capital a key player on the film map of Europe. In the case of Budapest, the diversity of the city is clearly outlined, as it primarily serves as a backdrop for various film productions. Using primary and secondary sources, the research focuses on the supply elements of film tourism in Budapest and the changes in the economic environment affecting the film industry. In the analysis, different types of film tourism are explored through interviews with the actors of film tourism. The research seeks to highlight factors that can boost film tourism in Budapest and make the city even more prominent on the film map of Europe.

scholarly journals Skilled immigrant labour: country of origin and the occupational locations of male engineers

2002 ◽  
Vol 29 (1) ◽  
pp. 71 ◽  
Author(s):  
Monica Boyd ◽  
Derrick Thomas
Keyword(s):  
Human Capital ◽  
Capital Stock ◽  
Multinomial Logit ◽  
Immigrant Workers ◽  
Logit Analysis ◽  
Foreign Born ◽  
Birth Place ◽  
Skilled Immigrant ◽  
University Degree ◽  
High Skill

Do high skill immigrant workers find employment corresponding to their training? Using unpublished data from the 1996 census, we examine the occupational locations of men age 30-54 who have a university degree with a major in engineering. We focus on three groups: Canadian born, foreign born who immigrated before age 19 and the foreign-born arriving after age 27, arguing that the first two are most likely to be educated in Canada whereas the last group is not. We find birth place differences in the percentages who are working in managerial, engineering, technical and all other occupations, with differences being most pronounced for those immigrating after age 27. Multinomial logit analysis confirms that these differences cannot be attributed to differences in measured human capital stock. Accreditation requirements are one likely explanation, particularly for those who have received training outside Canada.

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