We provide theory for calculating bounds on both the value of an individual’s human capital and the return on an individual’s human capital, given knowledge of the process governing earnings and financial asset returns. We calculate bounds using U.S. data on male earnings and financial asset returns. The large idiosyncratic component of earnings risk implies that bounds on values and returns ar...

Causal Returns to Schooling and Individual Heterogeneity E-mail: In this paper, human capital investments are evaluated by assuming heterogeneous returns to schooling. We use the potential outcome approach to measure the causal effect of human capital investments on earnings as a continuous treatment effect. Empirical evidence is based on a sample of West German full-time employed males (BIBB/I...

This paper investigates the growth factors of EU regions in the 1990s. We test the hypothesis that regional growth is determined by endogenous growth factors, trade and technological catching-up in a growth accounting framework. Our estimations suggest that growth of EU regions is positively related to the accumulation of physical and human capital. Innovation activity as well as international ...

This paper develops an endogenous growth model of a dual economy where human capital accumulation is the source of economic growth. The dualism between the rich individuals and the poor individuals exists in the mechanism of human capital accumulation. Rich individuals allocate labour time not only for their own production and knowledge accumulation but also to train the poor individuals. Stead...

I quantify the effects of alternative student loan policies on college enrollment, borrowing behavior, and default rates in a heterogeneous model of life-cycle earnings and human capital accumulation. I find that the combination of learning ability and initial stock of human capital drives the decision to enroll in college, while parental wealth has minimal effects on enrollment. Repayment flex...

The literature has not sufficiently engaged the emergence and expansion of the phenomenon of Slave export. This article contributes to the existing stream by examining the role of human capital or intelligence on slave exports. We postulate and justify a reasonable hypothesis that countries which were endowed with higher human capital levels were more likely to experience lower levels of slave ...

An Economic Perspective on Religious Education: Complements and Substitutes in a Human Capital Portfolio This paper models the tradeoffs between education in secular subjects, formal and informal, and the formation of religion-specific human capital. It explores some implications of negative externalities between religious and secular education. Applications include the tension between science ...

The Ben-Porath (1967) model suggests that a rise in life expectancy, and the associated rise in the lifetime labor input, brings about a rise in investment in human capital. We incorporate the leisure decision into the model and develop a necessary condition regarding the lifetime labor input for the Ben-Porath mechanism to have a positive effect on investment in human capital. We show that thi...

In this study, a multisectoral neo-classical type price driven CGE model, with the additional feature that it includes a mechanism by which public education expenditure to build human capital augments the supply of educated/skilled labour, is used to analyse the impact of an increase in the former, financed by an increase in direct tax rates, on economic growth and income distribution in the In...

ABSTRACT We investigate the effects of mandatory private Country-by-Country Reporting (CbCR) to European tax authorities on multinational firms' capital and labor investments, as well their organizational structures. exploit threshold-based application this 2016 disclosure rule conduct difference-in-differences regression discontinuity tests. document increases in expenditures Europe, but these...