Showing papers on "Human capital published in 1972"

Learning and Experience in the Labor Market.

Abstract: This paper models the role of the labor market in the transmission and acquisition of skills and knowledge, based on the hypothesis that indivduals learn from their working experiences. The problem is cast in terms of an implicit market for learning opportunities that is dual to the market for jobs. Optimum choices in this setting have implications for the evolution of earnings and occupational patterns over the workers' lifetimes and provide the basis for a theory of occupational mobility. Several implications of the model, including those for occupational discrimination against minorities, are also discussed.

Specific Human Capital: An Application to Quit Rates and Layoff Rates

Abstract: This study develops the concept of firm-specific human capital which results from training, search, and transfer investments of peculiar value to a particular firm. The effects of firm-specific human capital on firm turnover and wage policies are examined. The optimal sharing of such investments between firm and worker is explored. The important propositions that layoff rates and quit rates are negatively related to the firm's and worker's investments, respectively, in specific capital are tested using cross-section data for a broad set of manufacturing industries. The results support the hypotheses and reconcile past, apparently contradictory, empirical efforts along these lines.

Labour in the South African gold mines 1911-1969

Abstract: List of appendices List of tables List of plates List of figures Preface Acknowledgements Author's note 1. Foundations 2. Gold mining 3. Earnings 4. Supply and demand 5. Human Capital 6. Interaction of forces 7. The economics of migrant labour 8. Implications Appendixes Bibliography Index.

Rates of Return to Investment in Education around the World

Abstract: AFTER THE human capital revolution in the economic thought of the sixties, it is no longer taboo to talk about the economic value of education. The acquisition of education and skills by an individual tends to increase his productivity and hence his earnings. Since resources devoted to schooling have alternative uses, however, it is natural that many attempts have been made to measure the relationship between the costs of education and its economic benefits. Such analyses do not deny the sociological and cultural values attributed to education, rather they attempt to complement them. After a decade of work in the economics of education directed to quantifying the cost-benefit relationship of education in many countries, a systematic presentation of the results is in order. The main purpose of this paper is to report some evidence on the economic returns to investment in education in a large number of countries. A further aim is to attempt to trace any patterns that might exist between the returns to education and other socio-economic characteristics of the countries

Economic Growth in History: Survey and Analysis

Abstract: list of figures page xi list of tables xii preface xiii introduction xv 1 Growth and Development in History 1 Economic growth and economic development Growth and welfare - The measurement of economic growth - National income accounting: progress, promise, and pitfalls - The growth of income in modern times Economic growth before the mid-nineteenth century - The demographic factor and economic growth - Structural change in history - Structural change and sectoral productivity - The 'services' sector 2 Agriculture in Economic Growth 70 The role of agriculture - The contraction of the agricultural sector - Peasant artisans and peasant traders - Systems of land tenure and inheritance Agricultural productivity before the industrial age - Agricultural productivity in recent times - The sources of productivity improvement - Agricultural productivity and the growth of the economy 3 The Role of Capital 115 (a){emsp}investment and economic 115 growth The unimportance of capital? - Some conceptual and measurement problems - Capital/output ratios, cross-country and over time - Investment ratios in theory and history - Investment: the key to the 'industrial revolution'? - Savings and investment in pre-industrial societies (b){emsp}the sources of capital 157 'Direct' financing and intermediation in history - The financing of the 'industrial revolution' - Financial intermediation in the industrial era - The sources of savings - 'Involuntary' saving (c){emsp}the export of capital 178 The history of capital exports - Capital imports and growth - Capital exports and the lending country - The servicing of external debt - International capital movements and economic growth since 1945 4 Foreign Trade and Economic Growth 218 Trade, State and economy in early modern times - Do trade ratios decline? - Inter-country differences in trade ratios - 'Vertical' specialization before World War I - Trade as an 'engine of growth' - 'Enclave' economies - Trade in manufactures to 1913 - The 'engine of growth' reconsidered - Trade-constrained growth before 1913 The terms of trade of primary producers - New trends in twentieth-century trade Patterns of trade since World War II - Trade and growth: some concluding remarks 5 Technology and the 'Residual' 295 The 'residual' in economic growth - Allocation of resources - 'Human capital' and growth - Denison on the 'partitioning' of growth - The role of technological change - The evidence of patent statistics - The technological revolution? - The sources of invention Private and corporate invention - Invention, innovation and lags in technological advance - Inter-country 'lags' - Technical 'improvements' - Factor proportions and technical change 'Managerial' improvements and productivity - Pitfalls and possibilities in the historical analysis of productivity change 6 Some Theories of Growth and Development 378 Patterns and the unique event in history - Some limiting factors in historical generalization - Hollis B. Chenery's 'patterns of development' - Legal and institutional change in economic development - Market imperfections and national economic integration - The trend of income distribution - 'Labour surplus' models - Patterns of industrial growth: Chenery and Hoffmann - 'Stage' i - 'Take-off' - Uniformity and diversity again - The limitations of economic analysis KEY TO REFERENCES 447 INDEXES 452

Human resource accounting: a review of theory and research.

Abstract: During the past decade, there has been a growing interest in the idea of accounting for people as organizational resources. This interest has led to an emerging interdisciplinary field of research known as "Human Resource Accounting." This paper reviews the current body of theory and research in human resource accounting.

The Functional Distribution of Income

Abstract: The analysis of the functional distribution of income entails the acceptance of a rather traditional view of the factors of production. The Ricardian definition of land is unsatisfactory, since land is neither ‘original’ (since it incorporates capital investment) nor indestructible. The difficulties of defining and measuring capital are many and well known. Recently it has been realised — or rather rediscovered — that labour inputs also involve investment; the concept of human capital is still far from fully digested in distribution theory. Independent proprietors, including farmers, clearly use all three of the traditional productive factors, giving rise to imputation problems. They also represent a source of a fourth, very troublesome, factor — entrepreneurship. Convenience and common sense suggest, as they have done to most modern statisticians, a simple distinction between labour and property incomes.

Mobility and human capital theory: The education, age, race, and income characteristics of migrants

Abstract: The paper uses existing human capital theory to provide a unified explanation of the education, age, race, and income characteristics of migrants. The hypothesis is formulated that the better educated, the younger, and the middle-income groups are more mobile than the less educated, the older and the very lowor very high-income groups respectively. Nonwhites are expected to be less mobile than whites during periods of high unemployment in the economy. Empirical evidence concerning migrants to and from 93 SMSA's of the United States supports the theoretical hypotheses.

Human Capital Losses Resulting from U.S. Casualties of the War in Vietnam

Abstract: As early as 1875, nearly a century before U.S. casualties began to occur in Vietnam, Johann H. von Thiinen suggested that a hundred human beings might be sacrificed in battle in order to save one cannon with a capital value twenty times less than the capital value of the men. The reason a situation like this might occur, according to von Thiinen, is that the cost of the cannon is explicit and comes from public funds, while human beings have no explicit value and, in fact, can be obtained at zero price by means of a conscription decree. Public authorities can acquire the services of any man they wish for military service without compensating him or his family. Since citizens protest against the noncompensated confiscation of property, von Thilnen concluded that physical capital is regarded by them as much more valuable than human beings. He suggested that if the value of human beings were measured with the same care as physical capital, public authorities would have to enact policy measures to compensate families for their monetary losses from fatal casualties and to compensate disabled nonfatal casualties for their loss of earning capacity. In addition, von Thiinen suggested that every veteran should be compensated for the use of his labor, by receiving his earnings foregone while in service.' Other economists and statisticians have suggested that an individual's capitalized earnings stream is capital and that his death or disability resulting from war reduces the nation's stock of wealth. Although many of

Income Maintenance Programs in the 1960's: A Survey

Abstract: 1. Greater recognition of the need for higher levels of skills and training in order to reach the productivity levels required for higher income. 2. Urban unrest associated with poverty, racial discrimination, inadequate social, economic, and educational opportunities for minorities and other disadvantaged groups; among the other effects, this lack has been largely responsible for a national deficit in human capital formation among minorities and other disadvantaged

Impact of property rights in human capital on regional factor proportions

Abstract: Although the case for treating human capital as a productive factor is clear, its introduction presents complications since ownership of (or property rights in) human capital cannot be separated from the ownership of (or property rights in) labor itself. Consider a two-region economy. When labor moves in response to economic differentials, human capital also moves. This may have the effect of necessitating a revision in the standard theoretical conclusion that with more than two factors of production, factor rewards and factor proportions will be equalized between the regions. This theoretical model demonstrates that an equilibrium will be achieved in which both the capital/labor ratios and the quantity of investment per worker in human capital differ from one another by precisely the amount necessary to produce the same return to capital in both regions as well as an equalization of the total wage rates which represent the combined return to both labor and human capital

The Correlation Between Education and Earnings--A Comment.

Abstract: In this note, Blaug's article in Volume 1, No. 1, is criticised on the grounds that the “economic” interpretation of the correlation between education and earnings is based on a mistaken view about the nature of capital; and hence “human capital” theories are logically incoherent.