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Journal articles on the topic 'Physical capital accumulation'

Author: Grafiati

Published: 4 June 2021

Last updated: 1 February 2022

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1

ZHANG, WEI-BIN. "Economic development with accumulation of physical capital and human capital." International Journal of Systems Science 24, no. 1 (January 1993): 65–77. http://dx.doi.org/10.1080/00207729308949472.

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2

Munir, Kashif, and Shahzad Arshad. "Factor accumulation and economic growth in Pakistan: incorporating human capital." International Journal of Social Economics 45, no. 3 (March 5, 2018): 480–91. http://dx.doi.org/10.1108/ijse-12-2016-0346.

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Purpose The purpose of this paper is to examine the long-run and short-run relationship between factor accumulation (i.e. physical capital and human capital) and economic growth by calculating the stocks of human capital and real physical capital. Design/methodology/approach The study uses endogenous growth model, where GDP per worker is the dependent variable and factor accumulation (real physical capital per worker and human capital) is the explanatory variable under the autoregressive distributive lag framework from 1973 to 2014 for Pakistan. Findings The results suggest that there is a long-run relationship between factor accumulation and GDP per worker in Pakistan. Findings of the study are consistent with the endogenous growth model suggesting that accumulation of human capital increases labor productivity, employment level and per capita income, and causes economic growth. Practical implications Developing countries like Pakistan should increase share of human capital for economic development. Government should invest in the education sector because investment in human capital has a large potential of productivity growth and welfare increase in developing countries. Originality/value This study challenges the notion of human capital and real physical capital stock used by different researchers. Considering human capital as a core factor of production, a series of human capital as average year of schooling is calculated by utilizing the perpetual inventory method.

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3

Gong, Liutang, Hongyi Li, and Dihai Wang. "Health investment, physical capital accumulation, and economic growth." China Economic Review 23, no. 4 (December 2012): 1104–19. http://dx.doi.org/10.1016/j.chieco.2012.07.002.

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4

Zhang, Wei-Bin. "Endogenous population with human and physical capital accumulation." International Review of Economics 61, no. 3 (March 19, 2014): 231–52. http://dx.doi.org/10.1007/s12232-014-0196-6.

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5

Alekhin, Boris. "Human Capital and Regional Economic Growth in Russia." Spatial Economics 17, no. 2 (2021): 57–80. http://dx.doi.org/10.14530/se.2021.2.057-080.

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This study examines the contribution of human capital accumulation to regional economic growth using panel data for 82 subjects of the Russian Federation over 2002–2019. This paper aims to test the hypothesis that in the long-run equilibrium there exists a connection between economic growth and human capital accumulation in the regions of Russia. From the point of view of econometrics, it would mean that we should refute the hypothesis that there is no cointegration of time series describing the aforementioned variables. General theoretical framework was drawn from the neoclassical growth theory, and panel data econometrics suggested the appropriate empirical methodology. Pooled mean group and fully modified least squares estimators were applied to an autoregressive distributed lags model based on the Solow model. The results indicate that accumulation of human capital has a positive and statistically significant long-term impact on the rate of growth of per capita income and that these variables are cointegrated. Such calculations allow us to make the following conclusions: per capita GRP is cointegrated with physical and human capital on the regional level. The cointegrating equation ‘explained’ more than 90% of per capita GRP variance. Human capital accumulation had a significant positive impact on per capita GRP growth in the long run; such impact exceeded the impact of physical capital accumulation. The positive impact of human capital accumulation on per capita GRP growth surpassed the negative elasticity of growth GRP by the amount of resource excluded from the real sector to provide support to students and maintain the regional education system. The paces at which regional economies were heading towards the steady state differed which is an evidence that there exist an incredible manifold of ways and means for regions to adjust to disbalancies

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6

Dearmon, Jacob, and Robin Grier. "Trust and the accumulation of physical and human capital." European Journal of Political Economy 27, no. 3 (September 2011): 507–19. http://dx.doi.org/10.1016/j.ejpoleco.2011.03.001.

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7

Leeuwen, B., and P. Földvári. "Capital accumulation and growth in Hungary, 1924–2006." Acta Oeconomica 61, no. 2 (June 1, 2011): 143–64. http://dx.doi.org/10.1556/aoecon.61.2011.2.3.

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The objective of this paper is to analyse the role of both human and physical capital in economic growth in Hungary during the 20th century by extending the already available data on physical and human capital. Besides the standard measure for the volume of human capital, we develop a simple method to estimate the value of the human capital stock in Hungary between 1924 and 2006. While the volume index slowly grows over time, the value of human capital shows a decline during the late socialist period. Applying the value of human capital in a growth accounting analysis, we find that the Solow residual has no long-run effect on economic growth anymore.

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8

Minamimura, Keiya, and Daishin Yasui. "From physical to human capital accumulation: Effects of mortality changes." Review of Economic Dynamics 34 (October 2019): 103–20. http://dx.doi.org/10.1016/j.red.2019.03.005.

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9

Hakkio, Craig S., and Bruce C. Petersen. "A note on physical depreciation and the capital accumulation process." Journal of Development Economics 34, no. 1-2 (November 1990): 385–95. http://dx.doi.org/10.1016/0304-3878(90)90092-p.

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10

Amir-ud-Din, Rafi, Muhammad Usman, Faisal Abbas, and Sajid Amin Javed. "Human versus physical capital: issues of accumulation, interaction and endogeneity." Economic Change and Restructuring 52, no. 4 (December 22, 2017): 351–82. http://dx.doi.org/10.1007/s10644-017-9225-2.

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11

Földvári, Péter, Bas van Leeuwen, and Dmitry Didenko. "Capital formation and economic growth under central planning and transition: A theoretical and empirical analysis, ca. 1920–2008." Acta Oeconomica 65, no. 1 (March 1, 2015): 27–50. http://dx.doi.org/10.1556/aoecon.65.2015.1.2.

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According to the consensus view, it was primarily physical capital accumulation that drove economic growth during the early years of state socialism. Growth models incorporating both human and physical capital accumulation led to the conclusion that a high physical/human capital ratio can cause a lower economic growth in the long run, hence offering an explanation for the failure of socialist economies. In this paper, we show theoretically and empirically that according to the logic of the socialist planner, it was optimal to achieve a higher physical to human capital ratio in socialist countries than in the West. Using a VAR analysis, we find empirical confirmation that within the Material Product System of national accounting, the relative dominance of investment in physical capital accumulation relative to human capital was indeed more efficient than under the system of national accounts.

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12

Zhang, Zhidi, and Jianqing Ruan. "Do Long-Run Disasters Promote Human Capital in China? —The Impact of 500 Years of Natural Disasters on County-Level Human-Capital Accumulation." International Journal of Environmental Research and Public Health 17, no. 20 (October 12, 2020): 7422. http://dx.doi.org/10.3390/ijerph17207422.

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Is there a relationship between the frequency of regional natural disasters and long-term human-capital accumulation? This article investigates the long-run causality between natural calamities and human-capital accumulation with macro and micro data. Empirical cross-county analysis demonstrates that higher frequencies of natural calamities are correlated with higher rates of human-capital accumulation. Specifically, on the basis of empirical data of the fifth census in 2000 and China’s Labor-Force Dynamics Survey in 2012, this paper exploits the two databases to infer that the high disaster frequency in the years of 1500–2000 was likely to increase regional human-capital accumulation on district level. High natural-calamity frequency reduces the expected rate of returning to physical capital, which also serves to increase human-capital. Thus, experiencing with natural disasters would influence human’s preference to human-capital investment instead of physical capital.

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13

Rim Limam, Yasmina, Giampaolo Garzarelli, and Stephen M. Miller. "Output Growth Decomposition in the Presence of Input Quality Effects: A Stochastic Frontier Approach." German Economic Review 20, no. 4 (December 1, 2019): 383–409. http://dx.doi.org/10.1111/geer.12147.

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Abstract How do physical capital accumulation and total factor productivity (TFP) individually add to economic growth? We approach this question from the perspective of the quality of physical capital and labor, namely the age of physical capital and human capital. We build a unique dataset by explicitly calculating the age of physical capital for each country and each year of our time frame and estimate a stochastic frontier production function incorporating input quality in five regions of countries (Africa, East Asia, Latin America, South Asia and West). Physical capital accumulation generally proves much more important than either the improved quality of factors or TFP growth in explaining output growth. The age of capital decreases growth in all regions except in Africa, while human capital increases growth in all regions except in East Asia.

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14

Zeng, Jinli. "Physical and Human Capital Accumulation, R&D and Economic Growth." Southern Economic Journal 63, no. 4 (April 1997): 1023. http://dx.doi.org/10.2307/1061238.

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15

Lin, Shuanglin. "The Effect of Public Transfers on Physical and Human Capital Accumulation." Public Finance Review 31, no. 6 (November 2003): 669–93. http://dx.doi.org/10.1177/1091142103254935.

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16

MANNING, R. "OPTIMAL HUMAN AND PHYSICAL CAPITAL ACCUMULATION IN A FIXED-COEFFICIENTS ECONOMY." Australian Economic Papers 24, no. 45 (December 1985): 258–70. http://dx.doi.org/10.1111/j.1467-8454.1985.tb00114.x.

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17

Shioji, Etsuro, and Tuan Khai Vu. "Physical capital accumulation in Asia 12: Past trends and future projections." Japan and the World Economy 24, no. 2 (March 2012): 138–49. http://dx.doi.org/10.1016/j.japwor.2012.01.011.

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18

Szalavetz, Andrea. "Physical capital stock, technological upgrading and modernisation in Hungary." Acta Oeconomica 55, no. 2 (July 1, 2005): 201–21. http://dx.doi.org/10.1556/aoecon.55.2005.2.4.

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This paper discusses the relation between the quality and quantity indicators of physical capital and modernisation. While international academic literature emphasises the role of intangible factors enabling technology generation and absorption rather than that of physical capital accumulation, this paper argues that the quantity and quality of physical capital are important modernisation factors, particularly in the case of small, undercapitalised countries that recently integrated into the world economy. The paper shows that in Hungary, as opposed to developed countries, the technological upgrading of capital assets was not necessarily accompanied by the upgrading of human capital i.e. the thesis of capital skill complementarity did not apply to the first decade of transformation and capital accumulation in Hungary. Finally, the paper shows that there are large differences between the average technological levels of individual industries. The dualism of the Hungarian economy, which is also manifest in terms of differences in the size of individual industries' technological gaps, is a disadvantage from the point of view of competitiveness. The increasing differences in the size of the technological gaps can be explained not only with industry-specific factors, but also with the weakness of technology and regional development policies, as well as with institutional deficiencies.

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19

Pérez-Barahona, Agustín. "NONRENEWABLE ENERGY RESOURCES AS INPUT FOR PHYSICAL CAPITAL ACCUMULATION: A NEW APPROACH." Macroeconomic Dynamics 15, no. 1 (February 22, 2010): 1–30. http://dx.doi.org/10.1017/s1365100509090415.

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In contrast to the standard approach in energy economics, this paper assumes that physical capital accumulation is relatively more energy-intensive than consumption. By means of Gaussian hypergeometric functions, we provide a closed-form representation of the optimal solution paths of our variables in levels, whatever the initial conditions (i.e., global dynamics). We find that, in general, the optimal trajectories are nonmonotonic. P.S. Dasgupta and G.M. Heal [Review of Economic Studies (special number), 3–28 (1974)] pointed out this result (local dynamics) for the optimal consumption in a model with identical technology for both physical capital accumulation and consumption. However, our paper introduces five novelties with respect to their study, namely, global dynamics, the importance of the proportion of nonrenewable energy resources to endowment of physical capital [S(0)/K(0)], the role of technical progress, U-shaped behavior of consumption, and nonmonotonicity of resource extraction.

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20

Menegatti, Matteo. "BON PRIX, PROFIT, AND CAPITAL ACCUMULATION IN QUESNAY." Journal of the History of Economic Thought 40, no. 1 (February 5, 2018): 23–40. http://dx.doi.org/10.1017/s1053837217000104.

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The article discusses François Quesnay’s dynamics of capital accumulation. First, we analyze the notion of bon prix to highlight the central analytical role played by profits in Quesnay’s growth dynamics. This leads us to challenge Ronald Meek’s interpretation ([1962] 2003) and to (re)propose Peter Groenewegen’s suggestion (1974 and 1983) that profits are not included in the net product for policy reasons. We also show that profits display features resembling a stable income component such as supervision wages (see Marx [1863] 1963). Second, we contest Steven Pressman’s argument (1994, pp. 143–154) that Quesnay missed the distinction between nominal and real variables by modeling how the farmers’ monetary interest (and profit) initiates the capital accumulation process (see Vaggi 1985), which over time leads to an increase of the (physical) surplus rate and thus of the net product in real terms.

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21

FRASSI, BENEDETTA, GIORGIO GNECCO, FABIO PAMMOLLI, and XUE WEN. "Intragenerational redistribution in a funded pension system." Journal of Pension Economics and Finance 18, no. 2 (January 24, 2018): 271–303. http://dx.doi.org/10.1017/s147474721700049x.

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AbstractIn a general equilibrium framework, this paper studies the properties, in terms of labour market distortions and capital accumulation, of three social security systems: a pay-as-you-go notional defined contribution (PAYG NDC), a fully funded (FF), and a novel modified FF (MFF) system, which includes an intragenerational redistributive component to guarantee minimum living standards to future low-income retirees. We show that while PAYG NDC depresses labour supply and physical capital accumulation, FF is neutral on both dimensions. Conversely, MFF slightly increases physical capital accumulation, without significantly reducing labour supply incentives. Moreover, it reduces the burden of future intergenerational redistribution, and increases social welfare.

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22

GUIDO BALDI. "PHYSICAL AND HUMAN CAPITAL ACCUMULATION AND THE EVOLUTION OF INCOME AND INEQUALITY." Journal of Economic Development 38, no. 3 (September 2013): 57–83. http://dx.doi.org/10.35866/caujed.2013.38.3.003.

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23

Amendola, Mario, and Francesco Vona. "Coordinating the accumulation of physical and human capital in different institutional settings." Economics of Innovation and New Technology 21, no. 7 (October 2012): 631–53. http://dx.doi.org/10.1080/10438599.2011.633831.

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24

Galor, Oded, and Omer Moav. "From Physical to Human Capital Accumulation: Inequality and the Process of Development." Review of Economic Studies 71, no. 4 (December 2004): 1001–26. http://dx.doi.org/10.1111/0034-6527.00312.

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25

Turan, Taner, and Halit Yanıkkaya. "Natural resource rents and capital accumulation nexus: do resource rents raise public human and physical capital expenditures?" Environmental Economics and Policy Studies 22, no. 3 (January 24, 2020): 449–66. http://dx.doi.org/10.1007/s10018-020-00264-9.

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26

Bucci, Alberto. "Scale Effects, Savings and Factor Shares in a Human Capital-based Growth Model with Physical Capital Accumulation." International Economic Journal 23, no. 3 (September 2009): 291–307. http://dx.doi.org/10.1080/10168730903119385.

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27

ZHANG, Wei-Bin. "Economic Oscillations with Endogenous Population, Human Capital and Wealth." Annals of "Spiru Haret". Economic Series 15, no. 2 (June 30, 2015): 9. http://dx.doi.org/10.26458/1521.

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This paper demonstrates oscillations in the economic growth model with endogenous population growth and physical and human capital accumulation proposed by Zhang (2014). This study generalizes Zhang’s model by treating all the time-independent parameters as time-dependent parameters. The model is a synthesis of the Solow growth model, Uzawa-Lucas two-sector model, and the Haavelmo population model and the Barro-Becker fertility choice model. The model studies the dynamic interdependence between population change, wealth accumulation, and human capital accumulation. We simulate the model to demonstrate existence of business cycles under different periodic shocks.

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28

Cruz, Edgar. "Kuznets meets Lucas: structural change and human capital." Oxford Economic Papers 71, no. 4 (November 15, 2018): 848–73. http://dx.doi.org/10.1093/oep/gpy056.

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Abstract This paper develops a multi-sector growth model with human capital accumulation. In this model, human capital induces structural change through two channels: changes in relative prices and changes in the investment rate of physical and human capital. We show that the specifications of the model give rise to a generalized balanced growth path (GBGP). Furthermore, We show that the model is consistent with (i) the decline in agriculture, (ii) the hump-shaped of manufacturing, (iii) the rise of the services sector, and (iv) the path of human capital accumulation in the US economy during the 20th century. Given the findings, We outline that imbalances between physical and human capital contribute to explain cross-country differences in the pace of structural change.

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29

Vanhoudt, Patrick. "Are public and private outlays for physical and knowledge capital accumulation equally productive?" Applied Economics 31, no. 11 (November 1999): 1401–10. http://dx.doi.org/10.1080/000368499323283.

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30

Bond, Eric W., Kathleen Trask, and Ping Wang. "Factor Accumulation and Trade: Dynamic Comparative Advantage with Endogenous Physical and Human Capital*." International Economic Review 44, no. 3 (August 2003): 1041–60. http://dx.doi.org/10.1111/1468-2354.t01-1-00099.

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31

Grier, Robin. "The Interaction of Human and Physical Capital Accumulation: Evidence from Sub-Saharan Africa*." Kyklos 58, no. 2 (May 2005): 195–211. http://dx.doi.org/10.1111/j.0023-5962.2005.285_1.x.

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32

Hu, Yunfang, Murray C. Kemp, and Koji Shimomura. "A two-country dynamic Heckscher–Ohlin model with physical and human capital accumulation." Economic Theory 41, no. 1 (September 30, 2008): 67–84. http://dx.doi.org/10.1007/s00199-008-0413-1.

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33

Śledziewska, Katarzyna, and Tinatin Akhvlediani. "What Determines Export Performances in High‑tech Industries." Central European Economic Journal 1, no. 48 (September 30, 2017): 37–49. http://dx.doi.org/10.1515/ceej-2017-0006.

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Abstract The paper aims to identify the determinants of exports in high-technology sectors (high-tech, HT) of Visegrad countries (the Visegrad four, V4: Poland, the Czech Republic, Slovakia and Hungary) and the core member states of the European Union (EU). Based on the augmented gravity model, we estimate the regressions on panel data of the bilateral export flows of the EU-15 and V4 with the rest of the world in 1999−2011, by employing the Poisson pseudo-maximum-likelihood (PPML) estimator. The comparison of the estimations of overall export flows with the estimates explicitly done for the high-tech sectors allows us to outline the main characteristics of the existing gap in high-tech export performances of the EU-15 and V4. Estimation results find that while for the EU-15, human capital accumulation is statistically significant and export flows increase with similarity in physical capital accumulation of the trade partner; for V4, instead of similarity, the difference in physical capital stock increases exports and human capital accumulation does not yield statistically significant effects.

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34

Ozekhome, Hassan O. "IS HUMAN CAPITAL ACCUMULATION A GROWTH DRIVER IN NIGERIA? AN EMPIRICAL INVESTIGATION." Oradea Journal of Business and Economics 3, no. 2 (September 2018): 66–77. http://dx.doi.org/10.47535/1991ojbe052.

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Accumulation of human capital is critical to sustained economic growth in the long run, since it facilitates the efficient absorption of new capital developments, improves the speed of adaptation of entrepreneurs and generates innovation necessary for sustained economic growth. It is against this premise this study investigate the human-capital accumulation growth-nexus in Nigeria. Employing a dynamic approach, involving test for unit roots, and cointegration, and finally, the Generalized Method of Moments (GMM) estimation techniques on annual time series data, covering the period 1981 to 2016, sourced from the World Bank Development Indicators (WDI) and Central Bank of Nigeria (CBN) Statistical Bulletin, the empirical findings reveal that human and physical capital accumulation significantly induce rapid and sustained economic growth in the long-run. The other variables- infrastructural development (measured by ICT infrastructure) and industrial output (a measure of industrialization) have positive but weak impacts on economic growth, on account of the weak infrastructural development, and low level of industrialization in Nigeria. Inflation rate (a measure of macroeconomic policy environment) on the other hand, is found to have a militating effect on economic growth. We recommend amongst others; sustained investments in human and physical capital accumulation, stable and coherent macroeconomic policies, particularly with respect to taming of domestic inflationary pressures, supportive institutional structures and aggressive industrialization-enhancing policies, in order to enhance sustained economic growth in Nigeria.

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35

Reis, Catarina. "Optimal taxation with unobservable investment in human capital." Oxford Economic Papers 72, no. 2 (June 10, 2019): 501–16. http://dx.doi.org/10.1093/oep/gpz038.

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Abstract In a Ramsey model of optimal taxation, if human capital investment can be observed separately from consumption, it is optimal not to distort human or physical capital accumulation in the long run, and only labour income taxes should be used. However, in reality the government can’t always distinguish between investment in human capital and pure consumption, so a tax on labour or consumption will necessarily tax human capital. We find that when investment in human capital is unobservable, the optimal policy is to tax human capital at a positive rate, even in the long run. Whether physical capital should be taxed or not depends on its degree of complementarity with human capital versus labour.

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36

Blanco, Luisa, and Robin Grier. "Natural resource dependence and the accumulation of physical and human capital in Latin America." Resources Policy 37, no. 3 (September 2012): 281–95. http://dx.doi.org/10.1016/j.resourpol.2012.01.005.

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37

Turnovsky, Stephen J., and Aditi Mitra. "The Interaction between Human and Physical Capital Accumulation and the Growth-Inequality Trade-off." Journal of Human Capital 7, no. 1 (March 2013): 26–75. http://dx.doi.org/10.1086/670270.

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38

Bishnu, Monisankar. "Linking consumption externalities with optimal accumulation of human and physical capital and intergenerational transfers." Journal of Economic Theory 148, no. 2 (March 2013): 720–42. http://dx.doi.org/10.1016/j.jet.2012.08.006.

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39

Voigtländer, Nico, and Hans-Joachim Voth. "Why England? Demographic factors, structural change and physical capital accumulation during the Industrial Revolution." Journal of Economic Growth 11, no. 4 (December 5, 2006): 319–61. http://dx.doi.org/10.1007/s10887-006-9007-6.

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40

Chambers, Dustin, and Alan Krause. "Is the relationship between inequality and growth affected by physical and human capital accumulation?" Journal of Economic Inequality 8, no. 2 (May 23, 2009): 153–72. http://dx.doi.org/10.1007/s10888-009-9111-x.

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41

Karelin, I. N., and A. V. Koritsky. "ASSESSMENT OF INFLUENCE OF HUMAN CAPITAL ON VOLUMES OF INVESTMENTS IN MAJOR CAPITAL IN RUSSIAN REGIONS." Territory Development, no. 1(19) (2020): 44–53. http://dx.doi.org/10.32324/2412-8945-2020-1-44-53.

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This paper explores the relationship between the accumulation of human capital in the regions of Russia and the volume of foreign direct investment, as well as the volume of domestic investment in fixed capital. This topic is little studied in Russian economic literature, although it is actively discussed by modern economists in other countries. The hypothesis about the existence of a positive relationship between the accumulation of physical and human capital in the Russian economy is tested. The apparatus of production functions, correlation and regression analysis are used to statistically check the degree of influence of human capital on the intensity of investments, both domestic and foreign. To measure human capital, both natural and monetary measures were used. The presence of a positive, stable and statistically significant relationship between the human capital accumulated in the regions and the intensity of investment processes is shown. A negative relationship between the density of employment and the volume of investment in fixed assets of the Russian regions was also revealed.

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42

Lima, Gilberto Tadeu, Laura Carvalho, and Gustavo Pereira Serra. "Human capital accumulation, income distribution, and economic growth: a demand-led analytical framework." Review of Keynesian Economics 9, no. 3 (July 19, 2021): 319–36. http://dx.doi.org/10.4337/roke.2021.03.02.

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This paper incorporates human capital accumulation through provision of universal public education by a balanced-budget government to a demand-driven analytical framework of functional distribution and growth of income. Human capital accumulation positively impacts on workers’ productivity in production and their bargaining power in wage negotiations. In the long-run equilibrium, a rise in the tax rate (which also denotes the share of output spent in human capital formation) lowers the pre- and after-tax wage share and physical capital utilization, and thus raises (lowers) the output growth rate when the latter is profit-led (wage-led). The impact of a higher tax rate on the employment rate (which also measures human capital utilization) in the long-run equilibrium is negative (ambiguous) when output growth is wage-led (profit-led). In any case, the supply of higher-skilled workers does not automatically create its own demand.

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43

Sfakianakis, George, Anastasios I. Magoutas, and Demosthenes Georgopoulos. "An Empirical Analysis of Differences in GDP per Capita and the Role of Human Capital." Industry and Higher Education 24, no. 2 (April 2010): 101–7. http://dx.doi.org/10.5367/000000010791191047.

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Using a generalized production function approach and insights from empirical research on the determinants of growth, this paper assesses the relative importance of specific factors in explaining differences in the levels of per capita GDP. Emphasis is placed on education, physical capital accumulation, the share of the public sector in economic activity and the outward orientation of economies. Education, among other things, is connected with the ability of countries to take advantage of technology transfer channels. Panel data estimation techniques are used to obtain empirical results for the EU-15 countries, and economic policy recommendations are evaluated accordingly.

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44

Hsieh, Chang-Tai, and Peter J. Klenow. "Development Accounting." American Economic Journal: Macroeconomics 2, no. 1 (January 1, 2010): 207–23. http://dx.doi.org/10.1257/mac.2.1.207.

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Researchers have made much progress in the past 25 years in accounting for the proximate determinants of income levels: physical capital, human capital, and Total Factor Productivity (TFP). But we still know little about why these factors vary. We argue that TFP exerts a powerful influence on output not only directly, but also indirectly, through its effect on physical and human capital accumulation. We discuss why TFP varies across countries, highlighting misallocation of inputs across firms and industries as a key determinant. (JEL E22, E23, F21, F35, O10, O40)

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45

Goodman, Joshua. "The Wages of Sinistrality: Handedness, Brain Structure, and Human Capital Accumulation." Journal of Economic Perspectives 28, no. 4 (November 1, 2014): 193–212. http://dx.doi.org/10.1257/jep.28.4.193.

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Left- and right-handed individuals have different neurological wiring, particularly with regard to language processing. Multiple datasets from the United States and the United Kingdom show that lefties exhibit significant human capital deficits relative to righties. Lefties score 0.1 standard deviations lower on cognitive skill measures, have more behavioral problems, have more learning disabilities such as dyslexia, complete less schooling, and work in occupations requiring less cognitive skill. Most strikingly, lefties have 10–12 percent lower annual earnings than righties, much of which can be explained by observable differences in cognitive skills and behavioral problems. Lefties work in more manually intensive occupations than do righties, further suggesting their primary labor market disadvantage is cognitive rather then physical. I argue here that handedness can be used to explore the long-run impacts of differential brain structure generated in part by genetics and in part by poor infant health.

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46

Bucci, Alberto, and Xavier Raurich. "Population and Economic Growth Under Different Growth Engines." German Economic Review 18, no. 2 (May 1, 2017): 182–211. http://dx.doi.org/10.1111/geer.12092.

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Abstract Using a growth model with physical capital accumulation, human capital investment and horizontal R&D activity, this paper proposes an alternative channel through which an increase in the population growth rate may yield a non-uniform (i.e., a positive, negative, or neutral) impact on the long-run growth rate of per-capita GDP, as available empirical evidence seems mostly to suggest. The proposed mechanism relies on the nature of the process of economic growth (whether it is fully or semi-endogenous), and the peculiar engine(s) driving economic growth (human capital investment, R&D activity, or both). The model also explains why in the long term the association between population growth and productivity growth may ultimately be negative when R&D is an engine of economic growth.

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Motoyama, Takumi. "Sustainability of public debt under physical and human capital accumulation in an overlapping generations model." Journal of Economics 127, no. 1 (August 23, 2018): 19–45. http://dx.doi.org/10.1007/s00712-018-0630-4.

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Uctum, Merih. "Foreign Interest Rate Disturbance, Financial Flows and Physical Capital Accumulation in a Small Open Economy." Scandinavian Journal of Economics 93, no. 3 (September 1991): 377. http://dx.doi.org/10.2307/3440181.

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49

Gitto, Simone, and Paolo Mancuso. "The contribution of physical and human capital accumulation to Italian regional growth: a nonparametric perspective." Journal of Productivity Analysis 43, no. 1 (October 11, 2013): 1–12. http://dx.doi.org/10.1007/s11123-013-0362-y.

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Akram, Naeem, Ihtsham Ul Haq Padda, and Mohammad Khan. "The Long Term Impact of Health on Economic Growth in Pakistan." Pakistan Development Review 47, no. 4II (December 1, 2008): 487–500. http://dx.doi.org/10.30541/v47i4iipp.487-500.

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Human capital plays pivotal role for sustainable economic Growth. As different growth theories suggest the role of human capital as a significant for growth process. The concept of human capital in economic literature defined broadly by including education, health, training, migration, and other investments that enhance an individual’s productivity. However, the growth economists that have incorporated human capital in the growth studies, paid greater attention on analysing the impact of education on economic growth, while ignoring the role of health human capital. It is only in very recent times that studies have started looking at health and tried to estimate the relationship between health status and economic growth. There exists a two-way relationship between improved health and economic growth. Health and other forms of human and physical capital increases the per capita GDP by increasing productivity of existing resources coupled with resource accumulation and technical change. Furthermore, some part of this increased income is spent on investment in human capital, which results in further per capita growth. According to Fogel (1994), approximately one third of GDP of Britain between 1790 and 1980 is the outcome of improvements in health especially improvement in nutrition, public health, and medical care facilities and these improved health facilities should be considered as labour enhancing technical change.

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