Showing papers by "National Bureau of Economic Research published in 1972"

Learning by Experience as Joint Production

Abstract: I. Introduction, 366. — II. The optimal rate of learning, 368. — III. Modifications and extensions, 376. — IV. Discussion and application of the model, 377.

Note on Owner's Estimate of Housing Value

Abstract: This study compares owner's estimates of house value and professional appraisals for a sample of owner occupied single family and multifamily units in St. Louis. It confirms the findings of an earlier study by Kish and Lansing that: (1) the errors of estimate are quite large for individual properties, but, (2) the errors are largely offsetting for reasonably sized samples. In addition, the analysis indicates errors of estimate are systematically related to the socioeconomic characteristics of the owner-occupants and that knowledge of these biases can be used to improve the accuracy of both the individual and aggregate estimates of market value.

International studies of factor inputs and total factor productivity: a brief survey

Abstract: This paper summarizes the results of several studies on total factor productivity of twenty-five countries over the period 1950–1965. Some methodological issues which underlie the derivation and calculation of the familiar partial and total factor productivity indices are discussed. Though evidence on labor productivity for a large number of countries is presented and discussed, the main thrust of the discussion is in terms of the determinants of total factor productivity. The quantitative and qualitative contributions of labor and capital to growth of income are assessed with special attention to the contrasting patterns of these contributions among developed and developing economies. The problems of acceleration and retardation of the growth rate of some economies are considered and possible explanations are offered. Variations in the magnitude and sectoral distribution of the growth rates in several countries over this period are examined. Finally, areas for further research in comparative economic growth are suggested.

School quality and the black-white achievement gap

Abstract: Substantial uncertainty exists about the impact of school quality on the black-white achievement gap. Our results, based on both Texas Schools Project (TSP) administrative data and the Early Childhood Longitudinal Survey (ECLS), differ noticeably from other recent analyses of the black-white achievement gap by providing strong evidence that schools have a substantial effect on the differential. The majority of the expansion of the achievement gap with age occurs between rather than within schools, and specific school and peer factors exert a significant effect on the growth in the achievement gap. Unequal distributions of inexperienced teachers and of racial concentrations in schools can explain all of the increased achievement gap between grades 3 and 8. Moreover, non-random sample attrition for school changers and much higher rates of special education classification and grade retention for blacks appears to lead to a significant understatement of the increase in the achievement gap with age within the ECLS and other data sets.

An Economic Model of Swedish Emigration

Abstract: I. Introduction, 111. — II. Previous analyses of European migration, 112.— III. Econometric investigation of migration, 114. — IV. The model, 115.— V. The econometric results, 120. — VI. Conclusions, 124.

The treatment of intangible resources as capital

Abstract: The author describes the results of his current research designed to measure total investment, tangible and intangible, and the derived capital stocks for the U.S., 1929–1966. With respect to total investment, the estimates show a marked increase in its ratio to GNP. All of the increase occurs in the intangible component comprising R & D, education and training, health, and mobility. The increase was concentrated in the government sector, although households increased the proportion of disposable personal income devoted to total investment. Consistent with the relative investment trends, the stock of intangible capital grew considerably faster than the tangible stock. The growth of total capital stocks was somewhat less than that of GNP, however, in both current and constant prices. Thus, the rate of return on total capital rose somewhat over the period. Average rates of return on human and nonhuman capital were closely similar. In real terms, the growth of total capital stocks accounted for two-thirds of the growth in real GNP, 1929–1966. One-third of the growth is attributed to residual forces, chiefly economies of scale, changes in inherent quality of human and natural resources, changes in values and motivations, and changes in rates of utilization of capacity. The growth of the ratio of real intangible stocks to real tangible stocks accounted for less than half of the increase in total factor productivity 1929–1966. This is significantly less than the contribution of intangibles as estimated by Denison, and the author adduces several reasons why his estimates may understate the contribution. Nevertheless, it seems that the net effect of the residual forces enumerated above must also have made a substantial contribution to the growth of tangible factor productivity and real GNP over the 37-year period.

An economic analysis of the demand for scientific journals

Abstract: The purpose of this study is to demonstrate that economic analysis can be useful in modeling the scientific journal market. Of particular interest is the efficiency of pricing and page policies. For example, would the community be better off if more copies or pages are produced, or similarly, should the journal be produced at all? In order to calculate losses due to the inefficiencies, demand parameters are statistically estimated and used in a discussion of market efficiency. Although more refinement is needed for both the specification of the demand functions and proxies for variables, the techniques used permit the establishment of lower bounds on the net benefits stemming from journals (assuming that there are additional social benefits). The responses of individuals and institutions to changes in pages are shown to differ. Thus, the analytic framework facilitates the evaluation of current trends toward the selective dissemination of information to individuals.