Over the coming century, computer technology is likely to become capable of reproducing many of the skills now performed by human labor. This paper describes three models of the aggregate economic changes that occur when capital becomes capable of performing human work skills. The basic model, with a single sector and homogeneous labor, projects output growth rates over the next few decades tha...

In a second-best optimal growth setup with only factor taxes as available instruments, is it optimal to fully replace capital by labor income taxation? The answer is generally positive based on Chamley, Judd, Lucas, and many follow-up studies. In the present paper, we revisit this important tax reform-related issue by developing a human capitalbased endogenous growth framework with frictional l...

This paper empirically implements a dynamic, stochastic model of life-cycle labor supply and human capital investment. The model allows agents to be forward looking. But, in contrast to prior literature in this area, it does not require that expectations be formed “rationally.” By avoiding strong assumptions about the way people form expectations I avoid sources of bias stemming from misspecifi...

Female Labour Supply, Human Capital and Welfare Reform We consider the impact of tax credits and income support programs on female education choice, employment, hours and human capital accumulation over the life-cycle. We analyze both the short run incentive effects and the longer run implications of such programs. By allowing for risk aversion and savings, we quantify the insurance value of al...

Analyzing the Labor Market Activity of Immigrant Families in Germany This paper analyzes whether immigrant families facing credit constraints adopt a family investment strategy wherein, upon arrival, an immigrant spouse invests in host countryspecific human capital while the other partner works to finance the family's current consumption. Using data for West Germany, we do not find evidence for...

This paper examines the influences of Aristotelian moral economic thought on Marx’s labor theory. This paper looks at certain moral ethical frameworks attributed to Aristotle and later used by Marx in developing his ideas on communism. The similarities between Marx’s labor theory and Aristotle’s ethical theories, including those on human flourishing (eudaimonia), justice and exchange, will be e...

This study investigated gestational regulation of transient receptor potential canonical (TrpC) proteins, putative calcium entry channels in human myometrium, and the potential modulation of TrpC expression by IL-1 beta, a cytokine implicated in labor. Total RNA and proteins were isolated from myometrial biopsies obtained from NP women, pregnant women at term not in labor (TNL), or term active ...

Adopting a simple model of female labor force decisions, we explore several mechanisms through which women can respond to the announcement and implementation of an inwork benefit reform, including intertemporal substitution, human capital accumulation, and labor market frictions. Using information of the precise timing of the announcement and implementation of a major UK in-work benefit reform,...

This paper solves a realistically calibrated life-cycle model of consumption and portfolio choice with uninsurable labor income risk and borrowing constraints. Since labor income substitutes for riskless asset holdings the optimal share invested in equities is roughly decreasing over life. We compute a measure of the importance of non-tradable human capital for investment behavior to find that ...

Labor market responses to trade liberalization typically exhibit a slow reallocation of labor across industries, large costs for displaced workers, and a disproportionate adjustment burden for older workers. To explain these features and analyze alternative policies, I develop a two-sector small open economy model with overlapping generations, frictional labor markets, and sector-specific human...