A person's schooling years are a formative time for cognitive development, and also a period of intense social interaction and friendship formation. In this paper, we estimate the production of social capital during adolescence and its effect on wages. We develop a model where homophily and...

A person’s schooling years are a formative time for cognitive development, and also a period of intense social interaction and friendship formation. In this paper, we estimate the production of social capital during adolescence and its effect on wages. We develop a model where homophily and...

By the end of the Civil War, 186,017 black men had fought for the Union Army and roughly three-quarters of these men were former slaves. Because most of the black soldiers who served were illiterate farm workers, the war exposed them to a much broader world. The war experience of these men...

What motivated men to risk death in the most horrific war in U.S. history when pay was low and irregular and military punishment strategies were weak? In such a situation creating group loyalty by promoting social capital is of paramount importance and in the Civil War was the cement of both...