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The supply of human capital in the economy's production activities is a function of the quality and volume of education … services provided at the secondary and tertiary levels in the education system. Hence, the allocation of resources by … government to education is an important determinant of human capital formation. Depending on its level-specific variations, a …
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with less unexplained growth. The theory distinguishes between three different sources of education gains: (1) supply …Growth accounting exercises using standard human capital measures are limited in their ability to attribute causal … effects and to explain growth. This paper develops a model of growth and schooling consistent with these decompositions but …
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The paper develops a general framework for identification, estimation, and hypothesis testing in cointegrated systems when the cointegrating coefficients are subject to (possibly) non-linear and cross-equation restrictions, obtained from economic theory or other relevant a priori information. It...
Persistent link: https://www.econbiz.de/10005644493
We explore the connection between the average propensity to consume (APC) and wealth to income ratio (WY) in the US. We find evidence of a long-run relationship characterised by threshold error correction. It is the APC that responds to long-run disequilibrium where the speed of adjustment is...
Persistent link: https://www.econbiz.de/10010719399
In Volume I of Capital, Marx offers actual data from a Manchester spinning factory describing that business. In Volume II, he offers schemes of reproduction to help understand accumulation of capital while mentioning numbers that actually suggest correlation to the spinning factory data....
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