Examinando por Materia "Human Capital"
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Ítem Cognitive Skills, Schooling Attainment, and Schooling Resources: What Drives Economic Growth?(2009-11-15) Breton, Theodore R.This paper presents evidence that students’ test scores at ages 9 to 15 are not a good proxy for a nation’s stock of human capital. Across countries test scores rise with increases in human capital up to $40,000/adult (2000$), but then decline as human capital increases up to $125,000/adult. Schooling attainment is a better proxy for the human capital stock than test scores, but it is not very useful for statistical analysis because it is not a precise measure. The nation’s stock of human capital, calculated from cumulative investment in schooling, is the schooling measure most correlated with national income.Ítem Determinantes del crecimiento económico a largo plazo en América Latina y el Caribe durante el período de 1976 – 2018(Universidad EAFIT, 2020) Múnera Alzate, Carlos Felipe; Bustamante Serrano, Ana Elizabeth; Cantet, Maria NataliaÍtem Development Accounting: Conceptually Flawed and Inconsistent with Empirical Evidence(Universidad EAFIT, 2014-08-20) Breton, Theodore R.; ted.breton@gmail.comDevelopment accounting depends on two simplifying assumptions, that economies can be represented by a common aggregate production function and that aggregate factors of production are paid their social marginal products. An aggregate production function can explain income across countries, but the mathematics of the aggregate production function and the empirical evidence both indicate that aggregate factors are paid a small fraction of their social marginal products. As a consequence, development accounting underestimates the income differences due to human capital and overestimates the differences due to TFP. This error cannot be corrected because human capital’s social marginal product is not observable.Ítem Does Investment in Schooling Raise National Income? Evidence from Cross-Country Studies(Universidad EAFIT, 2011) Breton, Theodore R.; Universidad EAFIT, Escuela de Economía y Finanzas, Departamento de Economía, Medellín, Colombia.; Escuela de Economía y Finanzas; Economía; Estudios en Economía y EmpresaThe economics literature identifies three effects of schooling on national income; the direct effect on the earnings of the workers who receive the schooling and the external effects on workers’ earnings and on physical capital due to schooling’s spillover effect on the productivity of these other factors of production. This paper reviews the estimates of the income elasticity of these three effects in the literature and finds that the evidence supports an elasticity of 0.34. The associated marginal rates of return on national investment in schooling in 2000 are found to average about 12 percent in countries with high levels of schooling and about 25 percent in countries with low levels of schooling.Ítem Does investment in schooling raise national income? Evidence from cross-country studies(2011-06-05) Breton, Theodore R.The economics literature identifies three effects of schooling on national income; the direct effect on the earnings of the workers who receive the schooling and the external effects on workers’ earnings and on physical capital due to schooling’s spillover effect on the productivity of these other factors of production. This paper reviews the estimates of the income elasticity of these three effects in the literature and finds that the evidence supports an elasticity of 0.34. The associated marginal rates of return on national investment in schooling in 2000 are found to average about 12 percent in countries with high levels of schooling and about 25 percent in countries with low levels of schooling.Ítem Does Investment in Schooling Raise National Income? Evidence from Cross-Country Studies(Universidad EAFIT, 10/04/2011) Breton, Theodore Richard; Universidad EAFITÍtem Education and Growth: Where All the Education Went(Universidad EAFIT, 2016-02-01) Breton, Theodore R.; Siegel Breton, Andrew; tbreton@eafit.edu.coWe investigate why the economics literature often finds a negative relationship between increased schooling and GDP growth over short periods. We show that increases in GDP in 98 countries during five-year intervals are correlated with the increases in adults´ average schooling during the prior 40 years. We find that an additional year of schooling of the work force raised GDP by 7% on average during 1980-2005, but its initial effect on GDP was much smaller. The delayed effect of increased schooling on national productivity explains why recent increases in schooling cannot explain near-term increases in GDP.Ítem Estrategias de capital humano e inserción laboral de personas con diagnósticos de trastornos mentales en sector empresarial del municipio de Medellín(Universidad EAFIT, 2024) Osorio Giraldo, Yulieth Vanessa; Carruyo Duran, Norcelly YaritzaThe labor integration of people with mental disorders is a challenge and a social responsibility for organizations. To achieve successful inclusion and foster a diverse, inclusive and enriching environment, job placement programs and human management strategies are necessary. In view of the above, this research aims to analyze the human capital and labor insertion strategies of people with diagnoses of mental disorders in the business sector of the municipality of Medellín. Methodologically, it is based on qualitative with an emerging systemic design where the following companies and one subject from each will be addressed: Corporación La Gran Colombia (1), PAN Corporación Social (1), Productos Carnicos S.A.S Zenú (1), Emvarias Grupo EPM (1) and ASUINFANCIA (1). In the same way, a semi-structured interview with nine questions was used. Among the results, it was evident that leaders who select people with mental disorders are open to sensitivity and creating a culture of support and inclusion. Likewise, with proper management and employee support, absenteeism can be flexible, temporary, and compromised, which can reduce productivity.Ítem The External Effect of Urban Schooling Attainment on Workers’ Incomes in Ecuador(Universidad EAFIT, 2014-12-02) Breton, Theodore R.; Jaramillo, Juan Pablo; ted.breton@gmail.com; jpjaramillo25@gmail.comWe estimate the direct and external effects of levels of schooling on personal income in Ecuador in 2011, using data for 69,653 individuals in 567 municipalities. Using a Mincerian model that includes municipal levels of schooling and the size of the municipality and controls for endogeneity, we find that each year of individual schooling raises individual income by 8.5 percent and each year of municipal schooling raises individual income by 2.2 percent. The external effect of an additional year of schooling is larger for workers with more schooling, for those with higher incomes, and for those in more educated municipalities.Ítem Higher Test Scores or More Schooling? Another Look at the Causes of Economic Growth(Universidad EAFIT, 2013-11-05) Breton, Theodore R.; ted.breton@gmail.comI use a dynamic augmented Solow model to estimate the effects of students’ test scores and investment in schooling on economic growth rates in 49 countries during 1985-2005. In the complete data set, either average test scores or investment in schooling explain economic growth rates, and more of either causes growth. Further analysis reveals that higher test scores only raised growth rates in countries with low average levels of schooling. In countries with more than 7.5 years of schooling attainment in 1985, more investment in schooling raised growth rates, but higher average test scores did not.Ítem Human capital and growth in japan since 1970: converging to the steady state in a 1% world.(2014-11-20) Breton, Theodore R.Annual growth in GDP/adult in Japan has declined from over 10% in 1969 to an average of 1% since the financial crisis in 1991. I show that a dynamic Solow growth model, augmented with human capital, weekly labor-hours, and oil prices, explains Japan’s annual growth rates from 1969 to 2007 as conditional convergence to a steady-state rate of 1%/year. Each additional year of average adult schooling attainment raised GDP/adult directly and indirectly by 20 percent, and weekly hours worked had an output elasticity of 0.5. The marginal product of schooling was double the marginal product of physical capital.Ítem A Human Capital Theory of Growth: New Evidence for an Old Idea(Universidad EAFIT, 2014-01-01) Breton, Theodore R.; ted.breton@gmail.comIn 1960 Theodore Schultz expounded a human capital theory of economic growth that includes three elements: 1) Countries without much human capital cannot manage physical capital effectively, 2) Economic growth can only proceed if physical capital and human capital rise together, and 3) Human capital is the factor most likely to limit growth. I specify Schultz’s theory mathematically and test it in periods when global financial capital was highly mobile. I find that in 1870, 1910, and 2000, the average schooling attainment of the adult population largely determined the stock of physical capital/capita and GDP/capita in 42 market economies.Ítem Increases in human capital and growth: new data, more conclusive results.(2012-08-27) Breton, Theodore R.Using a new data set for human capital/adult, I show that changes in human capital cause economic growth in 56 countries over the 1985 to 2005 period. I show that these results are superior to results using average schooling attainment.Ítem Inestabilidad institucional, evidencia para Colombia: la violencia y el crecimiento económico en el periodo 1950-2010.(2012-10-15) Hurtado Rendón, Álvaro Arturo; Alfredo Molina, LuisThe uncertainty in periods of institutional instability, reflected in violence, can destroy the endowments of physical and human capital in the economy and, discourage investment. The paper analyses the long-run impact of the violence on the Colombia’s economic growth, using annual time series data from 1950 to 2010. The negative relationship between violence, as measured by homicide rate, and economic growth is supported econometrically. The findings have a strong implication on educational and security policies in Colombia. The results suggest that it must make a concerted effort to improve institutional investment in education and safety in order to accelerate growth.Ítem The Quality vs. the Quantity of Schooling: What Drives Economic Growth?(Universidad EAFIT, 2011-01-19) Breton, Theodore R.; ted.breton@gmail.comThis paper challenges Hanushek and Woessmann’s [2008] contention that the quality and not the quantity of schooling determines a nation’s rate of economic growth. I first show that their statistical analysis is flawed. I then show that when a nation’s average test scores and average schooling attainment are included in a national income model, both measures explain income differences, but schooling attainment has greater statistical significance. The high correlation between a nation’s average schooling attainment, cumulative investment in schooling, and average tests scores indicates that average schooling attainment implicitly measures the quality as well as the quantity of schooling.Ítem Residential Segregation: Empirical Evidence of the Influence of Human Capital in the City of Armenia, Colombia(Universidad EAFIT, 2021) Aristizábal, Juan Manuel; Vásquez, Juan CarlosÍtem The role of cognitive skills in economic development revisited.(2012-09-24) Breton, Theodore R.Students’ test scores at ages 9 to 15 are a measure of their skills as workers five to 55 years later. Using historic data on test scores and school attendance, I calculate the share of workers in 2005 that could have scored above 400 and above 600 in 45 countries. I find that the share above 400 and average schooling attainment cause national income, while the share above 600 and the share with post-secondary schooling do not. Implicitly the best long-term development strategy for poor countries is to increase the share of students who complete primary and secondary schooling.Ítem Schooling and Economic Growth: What Have We Learned?(Universidad EAFIT, 2014-04-07) Breton, Theodore R.This paper explains why different studies present widely-varying estimates of the effect of increased schooling on national income. It shows that when correctly-interpreted, these studies support the hypothesis that a one-year increase in average schooling attainment raises national income directly by about 10% and indirectly by about 19%. The increases in national income are larger than the aggregate effect of higher workers’ salaries, because schooling has external effects on national income. Due to the rising cost of additional years of schooling, the national return on investment in schooling is much lower in more educated countries. The estimated real national return on investment in schooling in 2005 ranged from over 40% in the least educated countries to 8.5% in the most educated countries. Average levels of schooling and average test scores at ages 9 to 15 generally rise together, so either measure of human capital can explain differences in national income or growth rates across countries. Since the productivity of physical capital depends on the level of human capital, in a global financial market, the growth in human capital largely determines the growth in physical capital and in national income.Ítem Schooling and National Income: How Large Are the Externalities?(Universidad EAFIT, 2007-05-01) Breton, Theodore R.; ted.breton@gmail.comThis paper uses a new data set for cumulative national investment in formal schooling and a newinstrument for schooling to estimate the national return on investment in 61 countries. These estimates are combined with data on the private rate of return on investment in schooling to estimate the external rate of return. In 1990 the external rate of return ranged from 10 percent in high-income countries to over 50 percent in the lowest-income countries. The external benefits of schooling are about equal to the private benefits in high-income countries and three times the private benefits in the lowest income countries.Ítem Schooling and National Income: How Large Are the Externalities? Revised Estimates(2010-08-18) Breton, Theodore R.This article presents revised estimates of the external rates of return on investment in schooling provided in “Schooling and National Income: How Large Are the Externalities?” The analysis is based on data for the same set of countries, but it incorporates methodological improvements that yield lower estimates of these rates. The revised marginal external rates of return range from four percent in the highest-income countries to about 35 percent in the lowest-income countries. These rates are about half the private rates of return in high-income countries and about double the private rates in the lowest-income countries.