Sample records for capital productivity

  1. Human capital and productivity

    Fuente, Ángel de la


    This paper surveys the empirical literature on human capital and productivity and summarizes the results of my own work on the subject. On balance, the available evidence suggests that investment in education has a positive, significant and sizable effect on productivity growth. According to my estimates, moreover, the social returns to investment in human capital are higher than those on physical capital in most EU countries and in many regions of Spain.

  2. Communication Capital Productivity: National Aspect

    Naumik Ekaterina G.


    The article offers suggestions for assessing communication capital productivity; the contradictions that affect the value of the communication efficiency of capital (the union of the agents of the market of communication services and products allows them to increase the communication capital productivity and to decrease communication capital productivity of competitors) are formulated; the dependence of productivity on the number of communication capital customers of the communication network...

  3. Social Capital and Labour Productivity in Italy

    Sabatini, Fabio


    This paper carries out an empirical assessment of the relationship between social capital and labour productivity in small and medium enterprises in Italy. By means of structural equations models, the analysis investigates the effect of different aspects of the multifaceted concept of social capital. The bonding social capital of strong family ties and the bridging social capital shaped by informal ties connecting friends and acquaintances are proved to exert a negative effect on labour produ...

  4. Human Capital Productivity: A New Concept for Productivity Analysis

    Fraumeni, Barbara M.


    The concept of human capital, defined as the discounted value of future earnings, has a long history in economics. But human capital has never been directly linked to productivity. This article makes an attempt to bring the concepts of human capital and labour productivity together by introducing a new term, human capital productivity, which is defined as the ratio between an index of discounted future output and an index of human capital. While still in its very early stages of conceptual de...

  5. Heterogeneity in the Production of Human Capital

    Solomon W. Polachek; Das, Tirthatanmoy; Thamma-Apiroam, Rewat


    We derive a tractable nonlinear earnings function which we estimate separately for each individual in the NLSY79 data. These estimates yield five important parameters for each individual: three ability measures (two representing the ability to learn and one the ability to earn), a rate of skill depreciation, and a time discount rate. In addition, we obtain a population wide estimate of the rental rate of human capital. To illustrate heterogeneity in the production of human capital, we plot th...

  6. Social capital, product imitation and growth with learning externalities

    Agénor, Pierre-Richard; Dinh, Hinh T.


    Links between social capital, human capital, and product imitation are studied in an overlapping generations model of endogenous growth where the key benefit of social capital is to promote imitation. There is also a two-way interaction between imitation and human capital. Building social capital (which brings direct utility) requires time. Because life expectancy is endogenously related t...

  7. Capital misallocation and aggregate factor productivity

    Azariadis, Costas; Kaas, Leo


    We propose a sectoral-shift theory of aggregate factor productivity for a class of economies with AK technologies, limited loan enforcement, a constant production possibilities frontier, and finitely many sectors producing the same good. Both the growth rate and total factor productivity in these economies respond to random and persistent endogenous fluctuations in the sectoral distribution of physical capital which, in turn, responds to persistent and reversible exogenous shifts in relativ...

  8. Capital Structure and Product Market Strategy

    Chong-en Bai; Shan Li


    This paper develops a general framework to analyze the relationship between a firm's capital structure and its product market strategy and presents a taxonomy of whether debt makes a firm {\\it tough} or {\\it soft} in product market competition and how strategic considerations affect the leverage of a firm based on the nature of the firm's agency problem and the characteristics of the product market. We then offer a unified picture of the related literature and point out some unexplored linkag...




    Full Text Available The doctrinal monopolizing of the modern economic theory by supporters of Monetarism and Keynesism deprived it by one of its essential components- the capital theory. Emphasising the role of monetary and fiscal policies has diverted the concerns for real economy and its productive structures. It was constantly overlooked that any fluctuation in the monetary economy is soon translated into fluctuations in the real economy, in its structure of production.This reality requires the inclusion, in any serious analysis of the cyclical fluctuations, of the capital theory and of the role of time in the processes of production. The paper aims to highlight how the structure of production responds to interest rate cuts by extending, simultaneous, investment and consumption. We obtain the picture of an economy that works beyond the limits imposed by its resources, which justifies the emergence of economic crises and depressions.

  10. Productivity and the density of human capital

    Jaison R. Abel; Dey, Ishita; Gabe, Todd M.


    We estimate a model of urban productivity in which the agglomeration effect of density is enhanced by a metropolitan area’s stock of human capital. Estimation accounts for potential biases due to the endogeneity of density and industrial composition effects. Using new information on output per worker for U.S. metropolitan areas along with a measure of density that accounts for the spatial distribution of population, we find that a doubling of density increases productivity by 2 to 4 percent. ...

  11. In-use product stocks link manufactured capital to natural capital

    Chen, Wei-Qiang; Graedel, T. E.


    The determination of long-term in-use stocks of manufactured products can complement existing monetary approaches to measuring manufactured capital and helps to explore the linkage between manufactured capital and natural capital in terms of materials transfer. The development of new products, substitution among products, and the historical evolution of in-use product stocks in the United States reveal the increase in variety, improvement in quality, and growth in quantity of US manufactured ...

  12. Social Capital in the creation of Human Capital and Economic Growth: A Productive Consumption Approach

    Dinda, Soumyananda


    Social capital is a broad term containing the social networks and norms that generate shared understandings, trust and reciprocity, which underpin cooperation and collective action for mutual benefits, and creates the base for economic prosperity. This study deals with the formation of social capital through development of human capital that is created from productive consumption. This paper attempts to formalize incorporation of social capital (SK). This paper sets up a one-sector growth mod...

  13. Public Capital, Congestion and Private Production in Australia

    Lei Lei Song


    This paper is an empirical investigation into the impact of public capital on the private sector’s economic activity in Australia. In particular, it is assumed that the contribution of public capital to private factor productivity is subject to congestion. New data sets of capital stocks and private output are constructed for the Australian economy. By estimating flexible functional forms of private sector production functions with congestion in public capital services, the paper shows that p...

  14. The age pattern of human capital and regional productivity

    Hirte, Georg; Brunow, Stephan


    We explore the impact of the age structure of human capital on average regional productivity by applying a spatial econometric analysis based on an augmented Lucas-type production function. We also apply a new definition of regional human capital focusing on its availability. The estimates provide evidence that there are age specific human capital effects in Germany and that a temporary increase in regional productivity could occur during the demographic transition. Furthermore, it becomes cl...

  15. Braaaaaaaains! The Undead Humbug Production Function: Now With Human Capital

    Mike Isaacson


    This paper demonstrates that the human-capital augmented Cobb-Douglas function is identically equal to the rules of aggregate accounting with any factor indices and an arbi- trary `human capital' variable thrown in. It is demonstrated empirically that the term for `total factor productivity' does not show total factor productivity at all, but rather a factor share weighted geometric mean of the prot rate and the quotient of the wage rate and human capital. It is demonstrated empirically with ...

  16. The Role of Capital Productivity in British Airways' Financial Recovery

    Morrell, Peter


    British Airways (BA) was privatised in 1987, but its financial recovery occurred a number of years earlier. This recovery was sustained throughout the early 1990s economic recession, a period when few major airlines were operating profitably. This paper examines the role of productivity developments at British Airways from the early 1980s through 1996. The emphasis is on capital productivity and investment, but changes in capital intensity and labour productivity are also evaluated. Various measures are considered for both capital and labour productivity: outputs are measured in available tonne-kms (ATKS) and revenue tonne-kms (RTKs), with the former preferred over the latter two measures, after adjustment for work performed by BA for others. Capital inputs are measured in equivalent lease costs adjusted to constant prices with a different treatment of flight and ground equipment or assets. Labour inputs are derived from total payroll costs deflated by a UK wage price index. The airline made considerable capital investments over the period and at the same time went through two major processes of labour restructuring. This resulted in a gradual increase in capital intensity, relative high labour productivity growth, but poor capital productivity performance. However, capital investment played an important role in the airline's sustained labour and total factor productivity over the whole period.

  17. Human Capital and the Productivity of Suicide Bombers

    Efraim Benmelech; Claude Berrebi


    This paper studies the relation between the human capital of suicide bombers and the outcomes of their suicide attacks. We argue that human capital is an important factor in the production of terrorism and that if terrorists behave rationally, we should observe that more able suicide bombers are assigned to more important targets. To validate the theoretical predictions and estimate the returns to human capital in suicide bombing, we use a unique dataset detailing the biographies of Palestini...


    Gustafson, Cole R.


    The agricultural sector has operated in a period of high real interest rates for over half a decade. Some are concerned that this has limited capital availability and stagnated the historic capital for labor substitution occurring in the sector. This study proposes new procedures for estimating the aggregate production function of United States agriculture. Improvements include incorporation of total returns and revised measures of both durable and nondurable capital inputs. Results indicate ...

  19. Exploring the contributions of human and social capital to productivity

    Greve, Arent; Benassi, Mario; Sti, Arne Dag


    This paper investigates how human and social capital contribute to individual productivity. We study three firms that complete all their tasks in projects. The employees in all firms initiate and organize their projects. We collected archival data from the firms on performance, human capital, tenure, gender, and their project activities. Social network data is generated from interviews and a survey. We find that social capital is the most important factor to determine prod...

  20. Transformation of property into productive capital

    Stoyadin Savov


    An authorized interpretation is made of the book "The Mystery of Capital" (Why Capitalism Triumphs in the West, and fails Everywhere Else) by Hernando de Soto, president of the Peru based Institute for Freedom and Democracy (IFD), regarded by the British magazine The Economist as a second, by importance, centre of strategic thought in the world, and The Time Magazine places the author among the names of the five leading political scholars of Latin America in the 20-th century. His preceding p...

  1. Research Productivity and Social Capital in Australian Higher Education

    Salaran, Mohammad


    This study investigates the role of social capital in raising research productivity in academic institutions. Social capital as a strategic resource embedded in social relationships can be utilised towards decreasing pressures from external environmental conditions, such as the global financial crisis. A survey was sent to academic staff in five…

  2. Evaluation of the effect of sector capital assets use efficiency on capital productivity ratio in Ukraine

    Ohdanskiy K. M.


    Full Text Available The real state of the capital assets’ disposal through the national economy sectors is determined in comparison with the result of capital assets use in the country’s economic complex in general in the time period of 1990-2012. It has been proved that the apparent total results regarding efficiency achieved in capital assets use through the sectors of economy do not demonstrate their real effect on the capital productivity ratio of the national economy in the whole. Analysis of the effect of the labor instruments concentrated in the national economy sectors on the national capital productivity ratio has been made. The sectors with their stuff which really determine the level of capital assets use in the country have been identified. Existence and development of the institute of economic initiatives have been proved. The fact is that the economic initiatives mentioned above concentrate their efforts on the improvement of capital assets use and the need to attract attention of the subjects of economic activities to the social development concept.

  3. Capital accumulation and the growth of aggregate agricultural production

    Haley, Stephen L.


    This report empirically examines the role which capital accumulation plays in the growth of agricultural production potential. The report assumes that the degree to which available technology can be implemented in a nation's agricultural sector depends on accumulated investments that have been made in the sector. Results from estimating aggregate agricultural production functions show the primary importance of rural labor in accounting for agricultural GDP and crop production. Capital accumul...

  4. How Do Capital Markets Influence Product Market Competition?

    Riordan, Michael H


    This article is the written version of the author's keynote presentation to the inaugural International Industrial Organization Conference held in Boston on April 4--5, 2003. It summarizes selectively a literature on the interaction between the capital and product markets at the nexus of industrial organization and corporate finance, and develops two key insights. First, capital market constraints on an individual firm are determined at the level of the industry and depend on product market c...

  5. Capital Account Liberalization, Real Wages, and Productivity

    Peter Blair Henry; Diego Sasson


    For three years after the typical developing country opens its stock market to inflows of foreign capital, the average annual growth rate of the real wage in the manufacturing sector increases by a factor of seven. No such increase occurs in a control group of developing countries. The temporary increase in the growth rate of the real wage permanently drives up the level of average annual compensation for each worker in the sample by 752 US dollars -- an increase equal to more than a quarter ...

  6. Capital

    Coulangeon, Philippe


    Empruntée à l’appareil conceptuel de l’économie, la notion de capital désigne en première analyse l’ensemble des ressources dont disposent les individus et les groupes et qui affectent leurs trajectoires, notamment dans les domaines scolaire, professionnel, matrimonial et familial. La sociologie contemporaine se saisit le plus souvent du concept pour en souligner les différentes espèces : capital économique, capital culturel et capital social, principalement. Si le capital économique désigne ...

  7. Capitalization of Local Products through Agro- Household

    Ramona Ciolac


    Full Text Available In every household there are many family activities that provide the necessary income or living foods. Some activities are related to cultivation of land, others for breeding other means services provided by the vilagers. The products of the own household must cover 40% of meals offered to tourists. These products are produced by the householder work in their household, the tourist having the opportunity to observe how the products are produced and participate effectively in this production. Specific rural household products can be recovered through tourism by both indirect and direct ways. Both variants can generate increased profitability and interest of the tourist business activity and impose a sense of satisfaction for quality benefit, issues that may be, in turn, assumptions favorable to the extension of this work.

  8. Is Public Capital Productive in China? Evidence from a Panel of Chinese Provinces

    Jie Zhang


    In addition to the direct productivity effect, public capital also has an indirect effect on private capital stock and labor input. This paper offers an evaluation of both the direct and indirect effects of Chinese public capital by applying a trans-log aggregate production function including public capital stock to a panel of regional data from 1986¨C2009. Moreover, we calculate the impact of public capital on regional total factor productivity (TFP) performance by introducing a system GMM e...

  9. Capital yields assessment trough cross section production function

    Kodera, Jan; Pánková, V.


    Roč. 8, č. 14 (2001), s. 79-87. ISSN 1212-074X R&D Projects: GA ČR GA402/00/0439 Institutional research plan: AV0Z1075907 Keywords : yield of capital * cross-section production function * maximisation of profit Subject RIV: AH - Economics

  10. The Influence of Capital Market Integration on Production and Market Structures

    Michael J. Koop


    The paper analyzes the effects of increasing capital market integration on production and market structures, trade and capital flows as well as national and global welfare. In order to facilitate the analysis of the integration process, three stages of capital market integration are defined. First, capital is internationally immobile, secondly, capital is partly mobile, and finally perfect capital mobility is considered. The analysis is carried by means of a general equilibrium model of inter...

  11. Accounting: Labor, Capital and Product Markets

    Shyam Sunder


    Accounting practices differ across geographic and political boundaries, across sectors of the economy within these boundaries, and across types of organizations. Globalization exerts a homegenizing force across the political and jurisdictional boundaries with mixed consequences. The development of markets for various factors of production exerts a similar integrative force across sectors of the economy, including business, government and not-for-profit (NFP) sectors. This paper presents an ov...

  12. The effect of immigration on output mix, capital, and productivity

    Myriam Quispe-Agnoli; Madeline Zavodny


    The growing influx of immigrants into the United States has prompted concerns about potential negative effects on native workers, especially the less skilled. Such concerns have not been borne out by many studies of the effect of immigration on wages. However, the typical theoretical negative effect of immigration flows on wages may be offset by changes in other aspects of the economy, including output mix, productivity, and capital. ; This article examines the relationship between immigratio...


    Shani, Uri; Tsur, Yacov; Zemel, Amos; Zilberman, David


    The dynamics of biomass growth implies that the yield of irrigated crops depends, in addition to the total amount of water applied, on irrigation scheduling during the growing period. Advanced irrigation technologies relax constraints on irrigation rates and timing, allowing to better adjust irrigation scheduling to the varying needs of the plants along the growing period. Irrigation production functions, then, should include capital (or expenditures on irrigation equipment) in addition to ag...

  14. Human Capital Spillovers in the Workplace: Labor Diversity and Productivity

    Navon, Guy


    The paper studies the relationship between human capital spillovers and productivity using a unique longitudinal matched employer–employee dataset of Israeli manufacturing plants that contains individual records on all plant employees. I focus on the within-plant diversity of employees’ higher-education diplomas (university degrees). The variance decomposition shows that most knowledge diversity takes place within the industries. Using a semi-parametric approach, the study finds that hiring w...

  15. Human capital, the structure of production and growth

    Ciccone, Antonio; Papaioannou, Elias


    Do high levels of human capital foster economic growth by facilitating technology adoption? If so, countries with more human capital should have adopted more rapidly the skilled-labor augmenting technologies becoming available since the 1970’s. High human capital levels should therefore have translated into fast growth in more compared to less human-capital-intensive industries in the 1980’s. Theories of international specialization point to human capital accumulation as another important det...

  16. The Effects of Trade Orientation and Human Capital on Total Factor Productivity

    Miller, Stephen M.; Mukti P Upadhyay


    We study the effects of trade orientation and human capital on total factor productivity for a pooled cross-section, time-series sample of developed and developing countries. We first estimate total factor productivity from a parsimonious specification of the aggregate production function involving output per worker, capital per worker, and the labor force, both with and without the stock of human capital. Then we consider a number of potential determinants of total factor productivity growth...

  17. Asset Pricing, Capital Structure and the Spirit of Capitalism in a Production Economy

    Jizheng Huang; Heng-fu Zou


    This paper investigates an intertemporal general equilibrium theory of capital asset pricing with the spirit of capitalism. It is an attempt to put together ideas from the modern finance literature and the literature on stochastic growth models. Using methods adopted in Brock (1982), an equivalent characterization of equilibrium by first-order conditions for optimal growth is investigated. We also consider the Modigliani-Miller theorem with the spirit of capitalism.

  18. Does Social Capital Improve Labour Productivity in Small and Medium Enterprises?

    Fabio Sabatini


    This paper carries out an empirical assessment of the relationship between social capital and labour productivity in small and medium enterprises in Italy. By means of structural equations models, the analysis investigates the effect of different aspects of the multifaceted concept of social capital. The bonding social capital of strong family ties and the bridging social capital shaped by informal ties connecting friends and acquaintances are proved to exert a negative effect on labour produ...

  19. Investments in social capital--implications of social interactions for the production of health.

    Bolin, Kristian; Lindgren, Björn; Lindström, Martin; Nystedt, Paul


    This paper develops a theoretical model of the family as producer of health- and social capital. There are both direct and indirect returns on the production and accumulation of health- and social capital. Direct returns (the consumption motives) result since health and social capital both enhance individual welfare per se. Indirect returns (the investment motives) result since health capital increases the amount of productive time, and social capital improves the efficiency of the production technology used for producing health capital. The main prediction of the theoretical model is that the amount of social capital is positively related to the level of health; individuals with high levels of social capital are healthier than individuals with lower levels of social capital, ceteris paribus. An empirical model is estimated, using a set of individual panel data from three different time periods in Sweden. We find that social capital is positively related to the level of health capital, which supports the theoretical model. Further, we find that the level of social capital (1) declines with age, (2) is lower for those married or cohabiting, and (3) is lower for men than for women. PMID:12742602

  20. Effects of Human Capital and Trade Orientation on Output and Total Factor Productivity in Pakistan

    Liaqat Ali; Muhammad Ismaeel Ramay


    The objectives of this paper were to study effects of human capital and international trade orientation on the output and total factor productivity in Pakistan. The output and Total factor productivity have been estimated using Cobb-Douglas Production function linking per worker output, per worker capital as well as labor force including and excluding the human capital stock for the period of more than five decades from 1961 to 2013. The data was taken from various secondary sources including...

  1. Effects of Human Capital and Trade Orientation on Output and Total Factor Productivity in Pakistan

    Liaqat Ali


    Full Text Available The objectives of this paper were to study effects of human capital and international trade orientation on the output and total factor productivity in Pakistan. The output and Total factor productivity have been estimated using Cobb-Douglas Production function linking per worker output, per worker capital as well as labor force including and excluding the human capital stock for the period of more than five decades from 1961 to 2013. The data was taken from various secondary sources including Pakistan Bureau of Statistics, State Bank of Pakistan and from various issues of Economic Surveys published by Ministry of Finance and was analyzed using SPSS. The role of potential determinants of output as well as total factor productivity such as human capital, exports, imports, FDI, Government consumption expenditure, education expenditure, capital labor ratio, GDP per capita, life expectancy and population have also been analyzed. According to the results the prevalence of decreasing return to scale was observed in all specification of the estimated production functions. Results also exhibit that the physical capital and employed labor force as significant determinants of output. Human capital becomes significant determinant of output when it is interacted with physical capital and employed labor force. An increasing trend in the output and productivity over time has been observed except during the 1970s. Human capital alone as well as its interaction with physical capital has been emerged as significant determinants of total factor productivity. The capital-labor ratio has also been found as significant determinant of productivity. The findings of the study advocate for more investment in both physical as well as human capital in order to increase the output and productivity in the long run.

  2. "Financial Policies and the Aggregate Productivity of the Capital Stock: Evidence from Developed and Developing Economies"

    Arestis, Philip; Demetriades, Panicos; Fattouh, Bassam


    We collect data on a number of financial restraints, including restrictions on interest rates and capital flows and reserve and liquidity requirements, and capital adequacy requirements from central banks of 14 countries. We estimate the effects of these policies on the aggregate productivity of the capital stock, controlling for the effects of inputs and financial development and using modern econometric techniques. We find that financial development has positive effects on productivity, whi...

  3. Human Capital and Labour Productivity, Integration of Institutions and Endogenous Growth

    Lei Delsen; Mark Schonewille


    This paper is part of a project that attempts to reveal the way labour market institutions, human capital and labour productivity are interconnected. First we discuss two approaches in the human capital theory, stressing some difficulties that could be solved if the approaches are combined. It is argued that the Nelson-Phelps approach could be improved by adding elements from the Lucas model. We think that the production factor of human capital needs a more detailed description than usual in ...

  4. Firm size and human capital as determinants of productivity and earnings

    Måns Söderbom; Francis Teal


    The evidence that earnings rise with firm size and that human capital affects earnings based on labour market data are two of the most robust empirical findings in economics. In contrast the evidence for scale economies in firm data is very weak. The limited direct evidence of human capital on firm productivity suggests that human capital is indeed productive and that the magnitudes are consistent with the findings based on individual data. The common objection to accepting the role of size a...

  5. Comparative Analysis of Capital Productivity in China's High-Tech Industries

    LingWang; AdamSzirmai


    While labor productivity is a topic of constant debate and has been studied extensively, far less attention has been devoted to the question of capital productivity. Productive use of physical capital is an important source of economic growth and investment return. This paper presents a comparative study of capital productivity in China's high-tech industry. Using a version of the perpetual inventory method (PIM), new estimates have been made of the physical capital stock by sector. Capital productivity in China's high-tech industry is higher than in total manufacturing, but the gap between them has been shrinking. Comparison with high-tech industries in the US., highlights that China's high-tech industries could play a more important role in the growth of manufacturing and the whole economy.

  6. The technological capital as production factor in Spanish regions, 1980-2000

    Escribá, Francisco Javier; Murgui , M.ª José


    In this work we construct a database of regional technological capital, with the maximun disaggregation compatible with Official Regional Accounts of Spain. In addition, we analyze the goodness of these series and their performance in the estimation of regional aggregate production functions. In the estimations both own technological capital and external capital are included. The results show reasonable estimated values of the output elasticities, which imply rates of return to technological ...




    Full Text Available The role of the human capital in the economy is highlighted in several studies of human capital, endonegneous growth and macroeconomic literature. A special part of this literature is dedicated to the mechanism and the various channels through wich human capital influences economic growth. As expression of the macroeconomic performance, the labour productivity depends on the accumulation of human capital in the economy. To analyze and discuss this dependency is essential for appropriate human capital policies aiming to stimulate the human capital accumulation in the economy and the enhancement of the labour productivity. The paper explores the link between labour productivity and the estimates of the human capital stock in the EU countries. Human capital theory explains the labour productivity level by the workers' level of educational attainment level. Four different effects of human capital on labour productivity can be found in economic literature: worker, allocative, difusion and research. Other researchers used a production function to estimate the productivity impact of changes in educational attainment. Research on the impact of human capital on productivity at the country level encountered many difficulties over the years. The main methodological issue is how to measure skills and human capital investment and to model possible channels of skills of influence the economic performance. The UNESCO attainment levels and enrollment series and other data sets, constructed by researchers, have been used in a large number of empirical studies of the link between education and productivity. What is innovative in the present study is the estimation of human capital stock based on educational costs by level(primary, secondary, tertiary weighted by the proportion of labour force with corresponding educational attainment and the testing of linear regression model for the dependency of labour productivity on human capital stock. The assumption of the

  8. Labour Productivity Growth and Convergence in the EU : The Role of Physical and Human Capital Accumulation

    Inmaculada Álvarez Ayuso; Mª Jesús Delgado-Rodríguez; Mª Mar Salinas Jiménez


    The aim of this article is to analyse labour productivity growth and convergence in the EU-15 countries between 1980 and 1997. Adopting a production frontier approach, labour productivity growth is broken down into components attributable to efficiency change, technological progress and capital accumulation. Furthermore, in the spirit of the Quah's approach, the dynamics of the distribution of labour productivity is also analysed. Our results show that physical and human capital accumulation ...

  9. Econometric testing of spatial productivity spillovers from public capital

    Antonio Alvarez; Carlos Arias; Luis Orea


    In this paper we review two different approaches followed in the empirical literature to test for the existence of public capital spillovers. Additionally, we explore the role played by an additive aggregator of public capital in neighboring regions versus the multiplicative aggregator used previously in the literature. In the empirical application we compare the different methodologies using a panel data set of the 47 mainland Spanish provinces. We do not find evidence of the existence of sp...


    Isaac Nyamekye


    Full Text Available Agriculture continues to play an important role in the economy of most African countries. Thus, productivity growth in agriculture is necessary for economic growth and poverty reduction of the region. While, theoretically, investing in human capital improves productivity, the empirical evidence is somewhat mixed, especially in developing countries. In Ghana, maize is associated with household food security, and low-income households are considered food insecure if they have no maize in stock. But, due to low productivity, Ghanaian farmers are yet to produce enough to meet local demand. Using quantile and OLS regression techniques, this study contributes to the literature on human capital and productivity by assessing the effect of human capital (captured by education, farming experience and access to extension services on maize productivity in Ghana. The results suggest that although human capital has no significant effect on maize yields, its effect on productivity varies across quantiles.

  11. Non-Convex Costs and Capital Utilization: A Study of Production Scheduling at Automobile Assembly Plants

    Hall, George J.


    This paper studies how managers at automobile assembly plants organize production across time. Detailed data from eleven single-source automobile assembly plants display considerable cross-plant heterogeneity. At plants which make low- and medium-selling vehicles the capital stock often sits idle, production is more variable than sales, and week-long shutdowns are often used to vary output. In contrast, at plants which make high-selling vehicles, the capital stock rarely sits idle, production...

  12. Human Capital, Research and Development and Productivity Growth: Empirical Analysis for Slovenia

    Matjaz Novak; Taja Spaija


    The aim of this article is to present empirical estimates about the impact of human capital on labor productivity growth in the case of Slovenia. Instead the conventional methodology the methodology principally aimed at estimating the real convergence of labor productivity was used. The basic difference between both methodological frameworks is in the bias of the result. The conventional methodology estimates the growth impact of human capital directly and for this purpose empirical data on t...

  13. Are ICT, Human Capital and Organizational Capital Complementary in Production? Evidence from Italian Panel Data

    BIAGI FEDERICO; Parisi, Maria Laura


    Information and communication technologies (ICT) are considered to play a central role in determining productivity. The discussion on the impact of ICT on growth and productivity was stimulated by the famous sentence of Robert Solow (1987): “You can see the computer age everywhere but in the productivity statistics” (the so called Solow paradox or productivity paradox). This quote was actually expressing concern that, while investment in ICT during the eighties and early 90s was growing expon...

  14. Critics of Ottoman’s Industrial Production Structure (1913 - 15 In Component Between Labor and Capital

    Recep SEYMEN


    Full Text Available Values of labor and capital in production with Cobb – Douglas production function and values of factor productivity can be determined. With econometric analysis based on data of Ottomans Industry Census in 1913 and 1915; being a production structure of increasing productivity in Ottomans Industry, high level of production as concentrated - technology compared to that periods, and wage that one of the most important discussion subject in relation between labors and employers were drawn conclusions.

  15. Designing an AHP methodology to prioritize critical elements for product innovation: an intellectual capital perspective

    Costa, R. V.; A. P. Ramos


    Intellectual capital has for the past decades been evidenced as an important source of competitive advantages and differentiation at the firm level. At the same time, innovation has become a critical factor for companies to ensure their sustainability and even their survival in a globalized business landscape. Having in mind these two crucial concepts for business success, this study intends to build on the relationships between intellectual capital and product innovation at the firm level. S...

  16. Basic income sustainability and productivity growth in cognitive capitalism: a first theoretical framework

    Fumagalli, Andrea; Lucarelli, Stefano


    This paper aims at proposing a first theoretical framework for studying the basic income sustainability. We consider the basic income not only as a tool of a policy to improve living standards and social well-being but, mostly, as the essential requisite to introduce a new stable compromise between capital and labour. Following the French Regulation School approach, we assert that the social compromise between capital and labour is founded on the redistribution of the productivity gains....

  17. Drivers of occupational human capital: identifying and developing research productivity in the globalized business school Industry

    Ryazanova, Olga


    This thesis looks at the antecedents of research productivity in business schools as part of a wider conversation on the development of occupational human capital in knowledge-intensive industries. Building upon the social capital and sociology of science literatures, the present study seeks to advance this conversation in two ways. First, it focuses on the consequences of academic researchers’ early-career and mid-career choices by exploring the interplay between organizational scripts and i...

  18. Public capital effects on spanish regions productivity: a non-parametric approach (1965-1998)

    Ramón Mª-Dolores


    This paper contributes to the empirical literature on public capital effects on Spanish regions productivity by applying an alternative approach to examine its influence based on a non-parametric FDH production technology with variable scaling parameters (VP-FDH) proposed in Kersten and Vanden Eeckaut (1999). This technique has significant advantages for regional comparisons of productivity and, more generally, wherever the assumption of convexity for the production set is not likely to be ap...

  19. Labor productivity growth, informal wage and capital mobility: A general equilibrium analysis

    Marjit, Sugata; Kar, Saibal


    The recent growth experience in India highlights the role of skill-based service sector and productivity improvement rather than a significant rise in physical capital accumulation, which has only reached a new height very recently. In this context we study the possible impact of higher productivity of labor in the formal sector on the informal wage in an economy comprising of skilled and unskilled workers. More productive skilled workers depress informal wage in the short-run, but do not aff...

  20. Empirical analysis of internal social media and product innovation: Focusing on SNS and social capital

    Idota, Hiroki; MINETAKI Kazunori; Bunno, Teruyuki; Tsuji, Masatsugu


    Recently social media such as Blog and SNS has been introducing by many firms for means of sharing information inside the firm, in particular to promote product and process innovation. This paper attempts to examine the relationship between social media and product innovation, and research questions are summarized as follows: (i) whether social capital influences the use of social media; (ii) whether social media promotes product innovation; and (iii) whether the effect of social media on pro...

  1. Integrated Productivity Accounts: Contributions to the Measurement of Capital

    MacDonald, Ryan; Gu, Wulong; Baldwin, John R.


    Measures of productivity are derived by comparing outputs and inputs. The System of National Accounts (SNA) in Canada provides a useful framework for organizing the information required for comparisons of this type. Integrated systems of economic accounts provide coherent, consistent alternate estimates of the various concepts that can be used to measure productivity.

  2. Human Resource Development, Social Capital, Emotional Intelligence: Any Link to Productivity?

    Brooks, Kit; Nafukho, Fredrick Muyia


    Purpose: This article aims to offer a theoretical framework that attempts to show the integration among human resource development (HRD), social capital (SC), emotional intelligence (EI) and organizational productivity. Design/methodology/approach: The literature search included the following: a computerized search of accessible and available…

  3. Laboratory Management, Academic Production, and the Building Blocks of Academic Capitalism

    Cantwell, Brendan


    Academic capitalism has been among the most influential lines of research into markets in higher education. This paper takes up the distinct but related topic of academic production. This study makes use of a theory of fields and the concept of strategic action fields Fligstein and McAdam ("Social Theory" 29:1-26, 2011; "A theory of…

  4. On the interaction between risk sharing and capital accumulation in a stochastic OLG model with production

    Barbie, Martin; Hagedorn, M.; Kaul, A.


    We analyze the interaction between risk sharing and capital accumulation in a stochastic OLG model with production. We give a complete characterization of interim Pareto optimal competitive equilibrium allocations. Furthermore, we provide tests of Pareto optimality/suboptimality based on (risky) rates of return only.

  5. Cognitive Capitalism as a Financial Economy of Production

    Fumagalli, Andrea; Lucarelli, Stefano


    The structural changes that occurred in the last 30 years have substantially modified the capitalistic organization of society, both at national and international level. In order to understand the evolution of social and economic systems it is necessary to focus on the relations of production, that is on those social relationships that explain the valorisation process. Since the economic crisis of the 1970's until the late 1990's the structure of production in the developed countries ha...

  6. Three Essays on Product Market Capital Market Interactions

    Chowdhury, Jaideep


    The Industrial Organization literature investigates the product market decisions of a firm while the corporate finance literature explores the financing decisions of the firm. But the truth is both the financing decisions and the product market decisions are interdependent and should be modeled together to develop a better understanding of a firm's decisions. This thesis takes a step in that direction. The manager of a firm caters to the equity holders of the firm who are protected by li...

  7. OPEC production: Capital limitations, environmental movements may interfere with expansion plans

    Obtaining capital is a critical element in the production expansion plans of OPEC member countries. Another issue that may impact the plans is the environmental taxes that may reduce the call on OPEC oil by 5 million b/d in 2000 and about 16 million b/d in the year 2010. This concluding part of a two-part series discusses the expansion possibilities of non-Middle East OPEC members, OPEC's capital requirements, and environmental concerns. Non-Middle East OPEC includes Algeria, Gabon, Indonesia, Libya, Nigeria, and Venezuela

  8. Study on Venture Capital Investment Risk Avoiding Base on Option Pricing in Agricultural Production and Processing Enterprises

    Zhang, Xubo

    This paper uses the approaches and models of option theory to analyze two-stage venture capital investment in agricultural production and processing enterprises decision-making under uncertainty. Mathematics expressions of this two-stage venture capital investment decision-making are presented. An option value model about two-stage venture capital investment decision-making base on options pricing theory under the uncertainty is presented. Get the solution of option pricing model which we present.

  9. Non-convex costs and capital utilization: a study of production and inventories at automobile assembly plants

    Hall, George J.


    This paper studies how managers at automobile assembly plants organize production across time. Detailed data from eleven single-source automobile assembly plants display considerable cross-plant heterogeneity. At plants which make low- and medium-selling vehicles the capital stock often sits idle, production is more variable than sales, and weeklong shutdowns are often used to vary output. In contrast, at plants which make high-selling vehicles, the capital stock rarely sits idle, production ...

  10. The problem of non-renewable energy resources in the production of physical capital



    This paper studies the possibilities of technical progress to deal with the growth limit problem imposed by the usage of non-renewable energy resources, when physical capital production is relatively more energy-intensive than consumption. In particular, this work presents the conditions under which energy-saving technologies can sustain long-run growth, although energy is produced by means of non-renewable energy resources. The mechanism behind that is energy efficiency.

  11. Age-structured Human Capital and Spatial Total Factor Productivity Dynamics

    Mishra, Tapas; Jumah, Adusei; Parhi, Mamata


    Abstract: This paper models total factor productivity (TFP) in space and proposes an empirical model for TFP interdependence across spatial locations. The interdependence is assumed to occur due to age-structured human capital dynamics. A semi-parametric spatial vector autoregressive framework is suggested for modeling spatial TFP dynamics where the role of demographic state and technological change are explicitly incorporated in the model to influence their spatial TFP co-movements. Empirica...

  12. Optimal pricing of a conspicuous product during a recession that freezes capital markets

    Caulkins, J.P.; Feichtinger, G.; Grass, D.; Hartl, R.F.; Kort, P.M.


    Abstract This paper considers the problem of how to price a conspicuous product when the economy is in a recession that disrupts capital markets. A conspicuous product in this context is a luxury good for which demand is increasing in brand image. Brand image here means the ability of a consumer to impress observers by conspicuously displaying consumption of the good. Brand image is built up when the good is priced high enough to make it exclusive, and eroded if the good is discoun...

  13. Capital as a factor of production in OECD agriculture : measurement and data

    Ball, V. Eldon; Lindamood, W. A.; Nehring, Richard F.; Mesonada, Carlos San Juan


    This article provides a farm sector comparison of levels of capital input for fourteen OECD countries for the period 1973 to 2002. The starting point for construction of a measure of capital input is the measurement of capital stock. Estimates of depreciable capital are derived by representing capital stock at each point of time as a weighted sum of past investments. The weights correspond to the relative efficiencies of capital goods of different ages, so that the weighted ...

  14. Economy of capital construction product quality through the prism of the evolution of tax processes in Ukraine

    Iastrebova Ganna


    The article is devoted to the study of the modern state and methods of assessment of quality of products of capital construction companies through the prism of the evolution of tax processes in Ukraine. It considers specific features of quality economy against the background of evolution processes in Ukraine, marks out the role of the capital construction branch, and determines a significant role of quality of products of the construction company in connection with their role as tax payers. I...

  15. How can IT Raise Productivity Linked with Workplace Re-organization and Human Capital in Japan ?" (in Japanese)

    Futoshi Kurokawa; Kazunori Minetaki


    This paper examines the impact of Information and Communication Technology (ICT) on the productivity linked with workplace re-organization and human capital using large-scale cross-sectional data of Japanese firms Our results suggest that the progress of ICT has positive effect on productivity and this effect become more effective by combining with firm's re-organization and human capital accumulation. However, our results also suggest that re-organizations have not made enough especially wit...

  16. Investimento direto externo, acumulação de capital produtivo e distribuição de renda: uma abordagem pós-keynesiana Foreign direct investment, productive capital accumulation and income distribution: a post-keynesian approach

    Mário Augusto Bertella


    Full Text Available It is developed a macrodynamic model in the post-keynesian tradition of political economy of the productive capital accumulation and income distribution to analyze some of the impacts of the (flow of foreign direct investment and the (stock of foreign productive capital on capital accumulation, economic growth and functional income distribution in a stylized economy. Alongside a usual demand effect, the impacts of such an internationalization of local capital through labor productivity and market concentration are taken into account as well.

  17. Augmenting the production function with knowledge capital to test the Porter hypothesis: the case of French food industries

    Musolesi, Antonio


    We investigate the impact of pollution abatement effort on the economic performances by exploiting a rich panel data set composed of French food industry firms, observed over the 1993-2007 period. We test the Porter hypothesis, assuming that pollution abatement effort has a positive effect on the firm performance by triggering innovation. This is done by estimating a production function augmented with knowledge capital, such a capital being produced by both pollution abatement and R&D investm...


    Antonio Leonan Alves Ferreira


    Full Text Available The present article defends the thesis of that the occupation of the land is presented as a historical possibility to surpass of the great contradiction that demarcates the process of production in the capitalist way to produce the life: the expropriation of the worker of the field. The problematic concerning the process of production of the capitalism in the field in more general level and Brazil, its determination historic socials, and the risks of the process of institutionalization in a particular and singular. For in such a way, it carries through a sociological analysis of the process of production of the capitalism in the field, it reflects on the production of the capitalism in the field in Brazil, and displays the risks, for the workers, of the institutionalization of the expropriation and resistance in the scope of the social fights in the present time

  19. Rental prices, rates of return, capital aggregation and productivity : Evidence from EU and US

    Erumban, 27675


    With the increasing importance of investment in information and communication technology, methods for measuring the contribution of capital to growth have re-assumed centre-stage in recent growth accounting literature. The importance of using capital service growth rates rather than capital stock gr

  20. "TEEB begins now": a virtual moment in the production of natural capital.

    MacDonald, Kenneth Iain; Corson, Catherine


    This article uses theories of virtualism to analyse the role of The Economics of Ecosystems and Biodiversity (TEEB) project in the production of natural capital. Presented at the 10th Conference of the Parties to the Convention on Biological Diversity, the project seeks to redress the ‘economic invisibility of nature’ by quantifying the value of ecosystems and biodiversity. This endeavour to put an economic value on ecosystems makes nature legible by abstracting it from social and ecological contexts and making it subject to, and productive of, new market devices. In reducing the complexity of ecological dynamics to idealized categories TEEB is driven by economic ideas and idealism, and, in claiming to be a quantitative force for morality, is engaged in the production of practices designed to conform the ‘real’ to the virtual. By rendering a ‘valued’ nature legible for key audiences, TEEB has mobilized a critical mass of support including modellers, policy makers and bankers. We argue that TEEB's rhetoric of crisis and value aligns capitalism with a new kind of ecological modernization in which ‘the market’ and market devices serve as key mechanisms to conform the real and the virtual. Using the case of TEEB, and drawing on data collected at COP10, we illustrate the importance of international meetings as key points where idealized models of biodiversity protection emerge, circulate and are negotiated, and as sites where actors are aligned and articulated with these idealized models in ways that begin further processes of conforming the real with the virtual and the realization of ‘natural capital’. PMID:22616123

  1. Workforce Diversity And Organizational Communication: Analysis Of Human Capital Performance And Productivity

    Ephraim A. Okoro


    Full Text Available The twenty-first century organizations are increasingly becoming multicultural workplaces for communication. This paper explores recent literature on the increasing global influence of workforce diversity and its affect on workplace communication. It provides a model for the discussion of the opportunities and challenges of diversity in the workplace. The paper then provides an analytical framework that guides readers with practical ideas that can assist them in their endeavors to effectively communicate in a globally diverse work environment.  The paper stresses that effective communication in a diverse workforce ensures a high level of performance and productivity for human and intellectual capital and   provides business organizations a competitive advantage in their expanded markets and in the global economy.

  2. Persistent Differences in National Productivity Growth Rates with A Com-mon Technology and Free Capital Mobility: The Roles of Private Thrift, ...

    Buiter, Willem H.; Kletzer, Kenneth M.


    The paper develops a two-country endogenous growth model to investigate possible causes for the existence and persistence of productivity growth differentials between nations despite a common technology, constant returns to scale and perfect international capital mobility. Private consumption is derived from a three-period overlapping generations specification. The source of productivity (growth) differentials in our model is the existence of a non-traded capital good ('human capital') whose ...

  3. Preliminary design and estimate of capital and operating costs for a production scale application of laser decontamination technology

    The application of laser ablation technology to the decontamination of radioactive metals, particularly the surfaces of equipment, is discussed. Included is information related to the design, capital and operating costs, and effectiveness of laser ablation technology, based on commercial excimer and Nd:YAG lasers, for the decontamination of production scale equipment

  4. Public Capital, Private Capital and Economic Growth

    Alberto Bucci


    A growth model is presented in which productive government expenditure takes the form of a stock. Private and public capital interact with each other in two ways. The first is related to the specification of the aggregate production function (Cobb-Douglas vs. CES). The second has to do with the rates of investment in the two types of capital, and arises from the law of motion of public capital. The share of public capital devoted to output production can be exogenous or endogenous. In this fr...

  5. Relationship between technological progress, capital elasticity and emissions of industrial pollutants for the production sectors in Catalonia

    As is known, the Kyoto protocol proposes to reinforce national policies for emission reduction and, furthermore, to cooperate with other contracting parties. In this context, it would be necessary to assess these emissions, both in general and specifically, by pollutants and/or among productive sectors. The objective of this paper is precisely to estimate the polluting emissions of industrial origin in Catalonia in the year 2001, in a multivariate context that explicitly allows a distinction to be made between the polluter and/or the productive sector causing this emission. Six pollutants are considered, four directly related to greenhouse effect. A multi-level model, with two levels, pollutants and productive sectors, was specified. Both technological progress and elasticity of capital were introduced as random effects. Hence, it has been permitted that these coefficients vary according to one or the other level. The most important finding in this paper is that elasticity of capital has been estimated as very non-elastic, with a range that varies between 0.162 (the paper industry) and 0.556 (commerce). In fact, and generally speaking, greater the capital in the sector, lower the elasticity of capital estimated




    Full Text Available This work was based on data from the portfolio of orders of a manufacturer of capital goods in the State of São Paulo. Linear programming techniques and tools for optimizing resources were applied using the program Microsoft Excel in order to allow the visualization and analysis of the condition better production planning of the portfolio of orders, aiming not only maximize financial income, but also allow the even distribution of cash flow arising. As a result, it was obtained a management tool that will allow the production planning for each period of portfolio, according to the best correlation of need and resource availability, with the highest cash income, filling an important gap in the process of productive management of manufacturer companies of capital goods under orders, particularly those of small and medium sizes.


    Joao Francisco Aguiar


    Full Text Available The historical evolution of the ratio of investments in intangible assets over GNP in the US economy from 1959 to 2007 – which reached 8 to 10% in 2007 - indicates a positive long term trend that is as relevant as the rate of investments in tangible assets in terms of the GNP, during the same timeframe.  The most surprising fact however, was the expansion beyond expectations over the last 40 years. According to international researchers, this trend is due to a combination of a series of causes, such as the financial globalization, market deregulation and exponential growth of technological changes, rousing the interest of entrepreneurs, scholars and researchers in becoming acquainted with indicators, classifying and ideating these so as to comprehend the value creation  process within companies. The purpose of this line of research was to test Pulic´s Value Added Intellectual Coefficient Model (2000, so as to evaluate its significance in creating value, as applied to the Metal Products Manufacturing segment, utilizing an adjusted data base obtained from the Brazilian Geography and Statistics Institute´s (IBGE Annual Industrial Research (PIA for the period 2000 to 2006, comprising companies with more than 100 employees throughout Brazil, resorting to a panel of static data. Results obtained demonstrate a positive relationship between VAIC and value creation as well as between the Calculated Intangible Value – CIV, (explanatory variable and value creation. Key-Words:  Intellectual Capital. VAIC. Value Creation. IBGE (Brazilian Geography and Statistics Institute.

  8. Capitalization local, traditional products through agrotourism-comparative case study Alps Mountains, Province of Trento-Apuseni Mountains

    Ramona Ciolac


    Full Text Available From the forms of rural tourism, agrotourism is the one that, lately, is developing stronger evolution and enjoy more attention. Ongoing forms of agrotourism are from simply hosting to the profiling the whole system of agro-livestock production in agrotourist purpose. Three components are essential in agrotourism: namely territory represents "raw material" for agrotourism; agrotourist products that must be as authentic and quality; the people responsible for carrying out this activity, farmers. Specialists consider that, local rural communities will have more success in the future, in creation new agrotourist products through witch they ensure the capitalization of their own or local products.  

  9. Institutions, Capital, and Growth


    The international development community has encouraged investment in physical and human capital as a precursor to economic progress. Recent evidence shows, however, that increases in capital do not always lead to increases in output. We develop a growth model where the allocation and productivity of capital depends on a country's institutions. We find that increases in physical and human capital lead to output growth only in countries with good institutions. In countries with bad institutions...

  10. Software Production, Human Capital and Endogenous Growth: Theoretical Analysis and Empirical Evidence from India

    De, Supriyo


    Propelled by the rise of a vibrant software industry the Indian economy has demonstrated rapid growth since the 1990s. A novel three-sector endogenous growth model that encapsulates the salient features of an information technology oriented economy is developed. The dynamic optimization problem leads to a balanced growth path equilibrium characterized by output, physical capital, software assets, human capital and consumption growing at a uniform rate. Major implications of the model are refl...

  11. From capital to capital


    HOW easy it is for one who lives in Beijing, capital of the country, to have the impression that all things significant happen there! This is to forget how there are now many provincial capitals in China, that are rapidly modernizing. In order to achieve such modernization, these cities, like

  12. Human Capital a Part of Social Capital

    Inna Fedoryshina


    The article considers the content and the structure of human capital. The term “human capital” is viewed as people’s abilities toparticipate in the production process in order to make use of their potential skills. A particular attention is paid to the meaning ofsocial capital and its role in the formation of human capital. It is proven that there is not much research on the connection betweenhuman and social capital. Human development index in Ukraine and 20 leading counties of the global ra...

  13. Intellectual Capital.

    Snyder, Herbert W.; Pierce, Jennifer Burek


    This review focuses on intellectual capital and its relationship to information professionals. Discusses asset recognition; national practices and the acceptance of intellectual capital; definitions of intellectual capital; measuring intellectual capital, including multiple and single variable measures; managing intellectual capital; and knowledge…

  14. Capital operating time and working time in the production function : an evaluation on a panel firms over the period 1989-2001

    Pelgrin, Florian; Sylvain, Arnaud; Heyer, Eric


    While a number of studies have demonstrated the importance of factor utilization in economic analysis, the impact of operating hours and/or hours of work in the production function remains largely unknown, particularly in terms of the capital operating time. Using French data on industrial firms for the period 1989 to 2001, we estimate a Cobb-Douglas production function that considers the stocks and both the capital operating time and the working time. We draw on the framework defined by Blun...

  15. The economics of research and development : how research and development capital affects production and markets and is affected by tax incentives

    Shah, Anwar; DEC


    Certain themes and findings emerge from the authors analysis of key relationships between research and development (R&D) and other factors. Among them: (1) R&D capital and the structure of production: (a) R&D capital facilitates the mapping of technological possibilities into economic opportunities. (b) R&D takes time to accumulate and uses up scarce resources. The adjustment process from project initiation to product and process development typically takes three to five years. (c) The margin...

  16. Is Trust Really Social Capital? Knowledge Sharing in Product Development Projects

    Bakker, Marloes; Leenders, Roger Th. A. J.; Gabbay, Shaul M.; Kratzer, Jan; Van Engelen, Jo M. L.


    Purpose: The purpose of this research is to focus on the role of trust in knowledge sharing. Social capital researchers have put forward trust as an important force behind the sharing of knowledge. This study aims to investigate whether trust indeed explains knowledge sharing relationships, or whether there are in fact much more important drivers…

  17. Tax evasion, human capital, and productivity-induced tax rate reduction

    Gillman, Max; Kejak, Michal


    Roč. 8, č. 1 (2014), s. 42-79. ISSN 1932-8575 R&D Projects: GA ČR GA13-34096S Institutional support: RVO:67985998 Keywords : tax evasion * human capital * tax rates and tables Subject RIV: AH - Economics Impact factor: 0.600, year: 2014

  18. Tax evasion, human capital, and productivity-induced tax rate reduction

    Gillman, M.; Kejak, Michal


    Roč. 8, č. 1 (2014), s. 42-79. ISSN 1932-8575 Grant ostatní: UK(CZ) UNCE 204005/2012 Institutional support: PRVOUK-P23 Keywords : tax evasion * human capital * tax rates and tables Subject RIV: AH - Economics Impact factor: 0.600, year: 2014

  19. Erotic Capital

    Jensen, Natalie Madeleine; Jensen, Benjamin; Engstrøm, Emma; Maas, Jannik; Majchrzak, Izabela


    This project “Erotic Capital” concerns the topic and theory of Erotic Capital, coined by Catherine Hakim. The idea of Erotic Capital derives from Pierre Bourdieu’s theory of Personal Capitals – in this, Erotic Capital is discussed as an additional Personal Capital. In connection to the investigation of the theory Erotic Capital, certain theories of Feminism, Masculinity, Femininity, Gender and Cultural Differences are explored and examined. This is done in order to study how these theories...

  20. Capital disadvantage: America's failing capital investment system.

    Porter, M E


    The U.S. system of allocating investment capital is failing, putting American companies at a serious disadvantage and threatening the long-term growth of the nation's economy. The problem, says Michael Porter, goes beyond the usual formulation of the issue: accusations of "short-termism" by U.S. managers, ineffective corporate governance by directors, or a high cost of capital. The problem involves the external capital allocation system by which capital is provided to companies, as well as the system by which companies allocate capital internally. America's system is marked by fluid capital and a financial focus. Other countries--notably Japan and Germany--have systems with dedicated capital and a focus on corporate position. In global competition, where investment increasingly determines a company's capacity to upgrade and innovate, the U.S. system does not measure up. These conclusions come out of a two-year research project sponsored by the Harvard Business School and the Council on Competitiveness. Porter recommends five far-reaching reforms to make the U.S. system superior to Japan's and Germany's: 1. Improve the present macroeconomic environment. 2. Expand true ownership throughout the system so that directors, managers, employees, and even customers and suppliers hold positions as owners. 3. Align the goals of capital providers, corporations, directors, managers, employees, customers, suppliers, and society. 4. Improve the information used in decision making. 5. Foster more productive modes of interaction and influence among capital providers, corporations, and business units. PMID:10121317

  1. Trade Barriers on Capital Goods

    VURAL, Gülfer


    Capital goods play a major role in international trade. World production of capital goods and R&D activity are highly concentrated in some developed countries. Most of the countries, especially developing countries import the most of their capital equipment from some leading capital goods exporter countries. Therefore technological advances can be transmitted across borders through trade in capital goods. In international trade countries face trade costs. Trade costs can be in the form of...

  2. The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework

    Camerer, Colin F.; Hogarth, Robin M.


    We review 74 experiments with no, low, or high performance-based financial incentives. The modal result is no effect on mean performance (though variance is usually reduced by higher payment). Higher incentive does improve performance often, typically judgment tasks that are responsive to better effort. Incentives also reduce "presentation" effects (e.g., generosity and risk-seeking). Incentive effects are comparable to effects of other variables, particularly "cognitive capital" ...

  3. Trinidadian capitalism

    Kevin A. Yelvington


    Full Text Available [First paragraph] Capitalism: An Ethnographic Approach. DANIEL MILLER. Oxford: Berg, 1997. x + 357 pp. (Cloth £39.00, Paper £17.99 Women, Labour and Politics in Trinidad and Tobago: A History. RHODA E. REDDOCK. London: Zed, 1994. vi + 346 pp. (Cloth £39.95, Paper £15.95 Despite the underdeveloped state of the scholarship on its admittedly short sugar plantation slavery period, we now have a corpus of studies on various aspects of capitalism in Trinidad - from its historical advent (Sebastien 1978 to its twentieth-century manifestation in the petroleum sector (Seers 1964; Sandoval 1983, and from the ethnic structure of labor markets (Camejo 1971; Harewood 1971 and the role of capitalism in racial/ethnic inequality (Henry 1993; Coppin & Olsen 1998 to the way ethnicity affects business, big (Button 1981; Parris 1985; Centre for Ethnic Studies 1993 and small (Ryan & Barclay 1992; Griffith 1997, and the way ethnicity and gender are used in class recruitment (Yelvington 1995. There are also a number of fine working-class histories (e.g., Rennie 1973; Ramdin 1982; Basdeo 1983 and important works on the labor riots and strikes and the nature of the colonial state during the crises of the 1930s (e.g., Thomas 1987; Singh 1994. The two books under review here complement the works mentioned above, and they complement each other as well: Reddock's deals with the way capitalism up to the mid-century was buttressed by colonial politics, and explores how this formation engendered certain kinds of political responses, while Miller approaches capitalism through the assumption that fundamental changes in the post-Oil Boom period (ca. 1973-80 brought about considerable autonomy between production and consumption that can and should now be read through an analysis of the cultural circulation of images and commodities in the society. These books are both noteworthy because they engage in explicit theorizing on what capitalism was and is, and what it did and

  4. Determinants of Soil Capital

    Ekbom, Anders


    This paper combines knowledge from soil science and economics to estimate economic determinants of soil capital. Explaining soil capital facilitates a better understanding of constraints and opportunities for increased agricultural production and reduced land degradation. This study builds on an unusually rich data set that combines data on soil capital (represented by chemical and physical properties) and economic data on household characteristics, labor supply, crop allocation, and conserva...

  5. Entrepreneurship capital and economic performance

    Audretsch, David B; Keilbach, Max


    The neoclassical model of the production function, as applied by Robert Solow to build the neoclassical model of growth, linked labor and capital to output. More recently, Romer and others have expanded the model to include measures of knowledge capital. In this paper we introduce a new factor, entrepreneurship capital, and link it to output in the context of a production function model. This paper explains what is meant by entrepre-neurship capital and why it should influence economic output...

  6. Pro-capitalism vs. Anti-americanism in 21st century Europe product in Romania

    Sorin Burnete


    Full Text Available The topic of this article was inspired by a recent survey, carried out in several Western European countries, with the purpose of ascertaining the public’s expectations regarding the respective countries’ (and Europe’s economic prospects for the first half of the 21st century. The questions were focused upon two chief issues: (1 Europe’s economic future within the context of contemporary global transformations; (2 the viability of the European economic systems. Concerning the former issue, one of the questions read: “Are you optimistic, pessimistic or neutral about the future of your country’s economy?” The French, Spaniards, Italians and even residents of the United States were rather skeptical at this point, the only optimistic being the Germans. To the question: “Do you think the European economy can compete effectively against other rising economies in Asia, such as China and India?”, distrust was even higher; over two thirds of the French interviewees gave a negative response. In the other countries, the skeptics’ share was lower but still higher than of those who answered affirmatively. If the above-mentioned answers could have, to a certain extent, been intuited, the questions regarding the latter issue yielded less predictable results. The subjects were asked to express a double option: between the capitalist economic system and other types of systems, on the one hand; between the European system of capitalism (admitting there is such a thing and the American one, on the other hand. To the question: “Do you think a free-market, capitalist economy is the best economic system or not?”, the majority of the interviewees (48 percent of the Germans, 49 percent of the Spaniards …etc. gave affirmative answers, whereas regarding the type of capitalism they wished, most of the questioned European citizens rejected the United States’ economic system. Why is Europe pro-capitalist? It is most likely because its prosperity

  7. The effects of human capital on the productivity of smes in Catalonia

    Fibla Gasparin, Mª Teresa


    La actual crisis económica ha reabierto el debate sobre la importancia de la productividad empresarial en el crecimiento económico de una región. Es en este contexto que el análisis de los factores que contribuyen en la mejora de la productividad empresarial se ha convertido en un elemento esencial, especialmente en las regiones con bajos niveles de productividad, como por ejemple Cataluña. El objetivo de esta tesis es analizar los efectos del capital humano en la productividad empresarial...

  8. Social Capital in Rural Denmark

    Svendsen, G.L.; Svendsen, Gert Tinggaard


    What are the roots of social capital and how can it be measured and built? Social capital is considered as a new production factor which must be added to the conventional concepts of human and physical capital. Social capital is productive because it increases the level of trust in a society and ......-sized groups in the Danish Cooperative Dairy Movement was eliminated due to economies of scale. It may be so that an alternative way of production, taking social capital into account, could have increased economic growth further....

  9. Displaced Capital

    Valerie A. Ramey; SHAPIRO, MATTHEW D


    This paper studies the efficiency with which physical capital can be reallocated across sectors. It presents a model of a firm selling specialized capital in a thin resale market. The model predicts that the selling price depends not only on the sectoral specificity of capital, but also on the thinness of the market and the discount factor of the firm. It then provides empirical evidence on the sectoral mobility of capital based on equipment-level data from aerospace industry auctions. These ...

  10. Capital budgeting

    Dorel BERCEANU; Costel IONAŞCU


    This paper has like objective to present some aspects concerning capital budgeting. So, after a short introduction where we specify necessary conditions for a decision situation and we define investment decision and capital budgeting we made a large presentation of stages of capital budgeting process.

  11. Capital Taxation and Rent Seeking

    Arefiev, Nikolay; Baron, Tatyana


    We find the optimal capital income tax rate in an imperfectly competitive economy, where some part of recourses is devoted to rent-seeking activity. Optimal tax offsets the difference between marginal social and marginal private return to capital, which is a result of rent seeking, and the difference between the before tax interest rate and the marginal productivity of capital, which arises from imperfect competition. Optimal capital income tax rate depends neither on other tax rates nor on o...

  12. Cycle for fuel elements. Uranium production, programs for nuclear power stations and capital expenditure involved

    A number of different possible programs for nuclear power stations of various types are presented in this survey. These programs are established in relation to the use of uranium and thorium in amounts similar to those that shall probably be produced in France during the next fifteen years. As it is possible to draw plans for nuclear power stations in which several processes exist simultaneously, an unlimited number of variations being thinkable, this survey is limited to successive analysis of the results obtained by use of only one of each of the following three systems: - system natural uranium-graphite, - system natural uranium-heavy water, -system enriched uranium-pressurised light water. All schemes are considered as assemblages of these three simple systems. The effects of plutonium recycling are also considered for each system. The electric power installed and the capacity of stations situated up-stream and down-stream have been calculated by this method and an attempt has been made to establish the sum to be invested during the fifteen years necessary for the launching of the programs scheduled. A table of timing for the investments groups the results obtained. Considering the fact that French availabilities in capital shall not be unlimited during the coming years, this way of presenting the results seems to be interesting. (author)

  13. Transaction of the Derivated Financial Products on the Romanian Capital Market. Advantages and Risks

    Dalia Simion


    Full Text Available The volatility and the uncertainty are extended in the global world, being favorised of the vast proportion of the internet and by the IT development. The volatility and the uncertainty are contributing to the apperance of the speculative movements that increase the posibilities of the price overestimation of some financial actives on the new markets. The overestimated and optimistic foretell on the flow of some stock exchange deeds, on the new markets, lead to the collapse of the flow and to the fast migration of the capital on the other markets, reason for which the economy of some countries or big areas could be destroied. Taking all this into account the development of the opperations with derivated financial instruments have offerd for the market participants bothe the posibility of hedging and a way of speculation. There are advantages and also disadvantages resulted from the derivated use. The derivated market, similar with the financial markets, either creates welfare, or destroies it, because provides a way to transfer the risk. The derivated help the financial markets to become more eficient and also offers better opportunities for the risk management. There is the posibility that the failure of some big transactions with derivates to lead at the appearance of a systemic risk that could spread inside the financial system.

  14. Social Capital in Rural Denmark

    Svendsen, G.L.; Svendsen, Gert Tinggaard


    What are the roots of social capital and how can it be measured and built? Social capital is considered as a new production factor which must be added to the conventional concepts of human and physical capital. Social capital is productive because it increases the level of trust in a society and allows more transactions to take place without third-party enforcement. Theory and lessons from empirical evidence lead to the general recommendation that any loss in social capital must be deducted f...

  15. Materials, Capital, Direct/Indirect Substitution and Mass Balance Production Functions

    Bergh, van den, H.


    A foundation is provided for a correct and accurate analysis of the relationship between monetary values and physical dimensions in economic production. A distinction is proposed between direct and indirect substitution. Linked to this, a classification is offered of various types of substitutability and complementarity relationships between production factors. It is argued that the neoclassical production function may be consistent with mass balance, but is unsuitable for a detailed and accu...


    Schmid, A. Allan; Robison, Lindon J.


    Experiments and studies were conducted to investigate the role of social capital. Social capital (relationship to others) is a productive asset which is a substitute for and complement to other productive assets. The productivity of social capital leads to the expectation that firms and individuals invest in relationships. Data were collected to answer the following questions: Does the identity (relationship) of trading partners affect selling and buying prices; the acceptance of catastrophic...

  17. Dynamic Programming, Maximum Principle and Vintage Capital

    Fabbri, Giorgio; Iacopetta, Maurizio


    We present an application of the Dynamic Programming (DP) and of the Maximum Principle (MP) to solve an optimization over time when the production function is linear in the stock of capital (Ak model). Two views of capital are considered. In one, which is embraced by the great majority of macroeconomic models, capital is homogeneous and depreciates at a constant exogenous rate. In the other view each piece of capital has its own finite productive life cycle (vintage capital). The interpretatio...

  18. National Capital Parks-East Data Landcover Product - NOAA C-CAP Source

    National Park Service, Department of the Interior — NPScape CCAP landcover (CCAP_LAC - 1996, 2001 and 2006) and landcover change (CCAP_LCC) products. Landcover change is produced from the 1996-2001 NOAA C-CAP and...

  19. Capital theory and rational choice

    Golubović Nataša


    Full Text Available Almost from the very beginning of economic science the notion of capital has been the subject of numerous controversies. The main reason for the concept's controversial nature is that it explains interest and profit. In Marxian theory, where 'manner of production' determines forms of activities, mutual relationships and life of individuals, capital appears as a social phenomenon i.e. social relation. Goods and money are not capital by themselves but become capital in the capitalist way of production. Economics mainstream is based on methodological individualism upon which explanation of social phenomena and processes must be derived from individual behavior and motivation. Capital, therefore, is not a product of capitalism as a socially and historically specific form of economic organization, but is rather perceived as connected to the individual and his or her rational behavior. Rational choice is the basic and sometimes the only explanatory factor in the neoclassic theories of capital. Although theories of human and cultural capital point out the interdependence between individual activity and choice on the one hand, and social position on the other hand in the process of capitalization, the connection remains in the background and somehow unclear. A more explicit indication of the interdependence between social structure and choice can be found in the theory of social capital. The goal of this paper is to explore the role of rational choice theory in explaining the nature of capital.

  20. Rice Growers’ Behavior of Productive Capital Input and the Influencing Factors——A Case Study of the Jiamusi Area in Heilongjiang Province


    This article conducts empirical analysis of rice growers’ behavior of productive capital input and the influencing factors,using the input-output survey data concerning rice growing by 305 peasant households in 2009 in Huanan County and Huachuan County,Jiamusi City,Heilongjiang Province.I use Logit model to carry out econometric test of factors influencing the possibility of fixed productive investment.The test results show that family size,the proportion of non-agricultural employment,the average educational level of households,farmland area,household farming income,credit level,peasant households’ expectation of the minimum purchase price of rice,have significant effect on whether to conduct fixed productive investment,whether there are disasters has no significant effect on the scale of peasant households’ productive investment.Then I use Tobit model to carry out econometric test of factors influencing the scale of productive capital input.The results show that family size,the proportion of non-agricultural employment,the average educational level of households,farmland area,household farming income,credit level and family housing value,peasant households’ expectation of the minimum purchase price of rice,whether there are disasters,have significant effect on the scale of peasant households’ productive investment.On the basis of model test results,in order to promote the rice growers to increase fixed productive input and increase productive capital input,rational recommendations are put forward as follows:raising the minimum purchase price of rice,scaling up rice growing,making every effort to promote the educational level of rice growers,ensuring that the rice growers obtain productive capital input loans timely.

  1. The agro-ecologic products, a new direction for the capital investments

    Mihai BOTEZATU


    One of the biggest problems facing humanity today is the nourishment problem and not as food seen in terms of quantity but especially in terms of quality. Quality of food in general we can say that it is in direct line with the quality of life. A significant part of the world's population lives loses annually due the consumption of non-food products that are based on their production of numerous chemicals, fertilizers, improper chemical, food additives and food colorings improper. All these t...

  2. Productivity, Wages, and the Returns to Firm-Provided Training: Fair Share Capitalism?

    Ana Sofia Lopes; Paulino Teixeira


    In this study, we develop an alternative modelling that examines a) the determinants of firm productivity and wages and b) the internal rate of return (IRR) to firm training for both firms and workers. Using a six-year linked employer-employee dataset, our estimates indicate that an additional hour of training per worker results in an increase of 0.12% in productivity and 0.04% in wages, or an increase of 0.16% and 0.08%, respectively, if one uses firm training as a stock variable. We then fi...

  3. Intellectual Capital

    Mouritsen, Jan; Bukh, Per Nikolaj


    Intellectual capital (IC) consists of human capital, organizational capital, and relational capital, and their relationships. It has been said to be important to explain the difference between market value and book value of a firm, but measurement of IC is more likely to be important because it...... forms a starting point for understanding and managing value-creating processes. Three distinct agendas within IC management and research can be identified. The first concerns to measure the components of IC, the second attempts to relate indicators to effects using statistical models, while the third...

  4. Entrepreneurship and heterogeneous capital

    Foss, Nicolai J.; Klein, Peter G.


    Entrepreneurship is ultimately about the arrangement of resources into productive activi-ties. Much of the entrepreneurship literature, however, has focused on the demand side of the market. While resource heterogeneity is a feature of many theories of the firm, such theories are not built on a systematic theory of capital. We show how the approach to capital developed by the Austrian school of economics provides a natural bridge between theory of entrepreneurship and the theory of the firm. ...

  5. Regression estimates of per capital gross domestic product based on purchasing power parities

    Ahmad, Sultan


    The estimates of the gross national product (GNP) per capita in US dollars published in the World Bank Atlas are used throughout the world for comparing relative levels of income across countries. The Atlas method of calculating per capita GNP is designed to smooth effects of fluctuations in prices and exchange rates and consists of converting local currency values to US dollars by a form of average exchange rates. Since exchange rates do not measure relative purchasing powers of currencies i...

  6. Capital gains

    This article examines African and Middle East oil and natural gas project financing. Capital markets financing, Ras Laffan's project bonds, capital market issues in Saudi Arabia, the movement toward gas and away from oil, and Islamic opportunities are discussed, African and Middle East oil and gas projects are listed. (UK)

  7. Celebration Capitalism

    Boykoff, Jules


    Capitalism is a nimble shapeshifter. In this talk Jules Boykoff draws from the history of the Olympic Games to offer a theory of “celebration capitalism,” a form of modern-day economics that complements Naomi Klein’s “disaster capitalism” marked by neoliberalism: privatization, deregulation, and free-market rhetoric.

  8. Distributional consequences of capital tax coordination


    This paper has two ambitions. First, we review the economic literature on tax coordination. Second, we argue that the taxation of capital is not an issue of efficiency, but instead an issue of equity. In particular, capital tax coordination can alter the vertical distribution of income between the production factors capital and labour. Capital is in perfectly elastic supply in a small open economy. Therefore the tax incidence falls to the immobile factor, labour. By contrast, capital is in in...

  9. Natural Capital: From Metaphor to Measurement

    FENICHEL, ELI P.; Abbott, Joshua K.


    Current efforts to value ecosystem services have contributed little to the valuation of natural capital, suggesting that in practice "nature is capital" primarily serves as a metaphor. We provide a theoretically motivated approach for recovering natural capital prices that expands beyond idealized management to encompass current, likely inefficient, management institutions. Theoretically consistent capital valuation requires adjusting for the net marginal productivity of the natural capital a...

  10. When Should Firms Invest in Old Capital?

    Boyan Jovanovic


    This paper studies optimal investment policies when the production function depends on capital of various vintages. In such an environment it is natural to ask whether the firm will invest in old-vintage capital at all. In this paper I derive such a condition. Predictably, investment in old capital takes place if the elasticity of substitution between old and new capital is low, and when the depreciation of capital is high. But other parameters such as the rates of technological progress and ...

  11. Making sense of the J-curve: Capital utilisation, output, and total factor productivity in Polish industry 1990 - 1993

    Falk, Martin; Raiser, Martin; Brauer, Holger


    The economies of Central and Eastern Europe are undergoing a period of rapid structural change. The general pattern confirms to the J-curve anticipated by several observers at the start of transition. This paper conceptualises the J-curve as the result of a combination of two factors. First, real energy price increases render parts of the capital stock obsolete, due to complementarity between capital and energy in the short run. Second, demand shifts and to a lesser extent efficiency improvem...


    Becsky-Nagy Patricia


    Full Text Available Venture capital significantly changes the capital structure of the portfolio company at the time of the investment. Venture capitalists contribute to the company’s success through their active involvement in the management and their added value appears in the increase of the value of the equity. At the same time with taking active role in the management, agency problem occurs, that complicates the cooperation and the success of exit. In this article we search the answer for the question whether the preferred equity, that are commonly used in the US for bridging the agency problem, are used and able to help Hungarian venture capitalists to manage agency problems. On the other hand we examined how the venture capital affect capital structure, how the venture capitalists value added appear in the capital structure. During the evaluation of the three case studies, we came to the conclusion, that the venture capital investments have positive effect on the liabilities of the enterprises, as the capital structure indexes show. However, the investors need the ownership, which help them to step up resolutely, when things change for the worse, and companies need the expertise, which the investors bring with their personal assistance. The investor’s new attitude also has positive effect on a mature company, which has an experienced leader, because he can show another aspect, as a person who come from outside. During the examination of the capital structure, we cannot disregard the events of the company’s environment, which have effects on the firm. The investor’s decisions also appear different ways. Because of this, every venture capital investment is different, just as the capital structure of the firms, in which they invest.

  13. Methodological Approaches for Estimating Gross Regional Product after Taking into Account Depletion of Natural Resources, Environmental Pollution and Human Capital Aspects

    Boris Alengordovich Korobitsyn


    A key indicator of the System of National Accounts of Russia at a regional scale is Gross Regional Product characterizing the value of goods and services produced in all sectors of the economy in a country and intended for final consumption, capital formation and net exports (excluding imports). From a sustainability perspective, the most weakness of GRP is that it ignores depreciation of man-made assets, natural resource depletion, environmental pollution and degradation, and potent...

  14. Crises and human capital accumulation

    Freddy Heylen; Lorenzo Pozzi


    This paper studies the effects of crises on human capital formation. Theoretically, a crisis undermines total factor productivity, which reduces the return to working and to accumulating physical capital. If the crisis is temporary, young agents will study now and work later. Human capital rises. To test our model we rely on inflation crises as our main empirical proxy. Using GMM panel procedures, our analysis for 86 countries in 1970-2000 confirms the positive effects of crises on human capi...

  15. Is Social Capital an Effective Smoke Condenser?

    Paldam, M.; Svendsen, Gert Tinggaard


    Social capital is defined as mutual trust. It is related to production by a key hypothesis: social capital determines how easily people work together. An easy-to-use proxy (Putnam's Instrument) is the density of voluntary organizations. Social capital might be a new production factor which must b...


    GUNAL, E. Zeynep


    Dostoyevski who was always in need of money and in debt, wrote two great novels about capital: "Idiot" and "Crime and Punishment". In these novels the writer tries to prove the negative effects of capital on people. This article particularly focuses on "Crime and Punishment". Because crime is discussed as the multi-dimensional factor in this work. Moreover, it is claimed that in the troika of crime which formed of Raskolnikov, Svidrigaylov and Luzhin, Luzhin is the most dangerous character w...

  17. Intellectual Capital

    Mardešič, Jakub


    The work is focused on intellectual capital and its reporting of intangible assets. First part of the work defines the basic theoretical principles, which are an essential part of the work for understanding the issue. Literature review discusses the various components of intellectual capital and focuses on their function within organizations. Work also discusses various approaches of literature and the authors developing a complex theoretical basis for this issue. The following practical part...

  18. Capitalizing China

    Joseph Fan; Randall Morck; Bernard Yeung


    Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement of all senior personnel in all regulatory agencies, all state-owned enterprises (SOEs), and virtually all major financial institutions state-owned enterprises (SOEs), and senior Party positions in all ...

  19. Integração de clientes no processo de desenvolvimento de produtos: estudo de casos em empresas de bens de capital Customer integration in product development process: case study in capital goods companies

    Mario Orestes Aguirre González


    Full Text Available Entender as necessidades atuais e futuras dos clientes, traduzi-las em requisitos do produto e incorporá-las no projeto do novo produto são atividades consideradas críticas para o sucesso do processo de desenvolvimento de produtos. Diversas estratégias são adotadas com a finalidade das empresas obterem maior eficiência e eficácia no processo de desenvolvimento de novos produtos, dentre elas destaca-se a integração de clientes neste processo. Este artigo tem por objetivo identificar, em uma amostra de empresas da indústria de bens de capital, as práticas adotadas para integração de clientes, comparar essas práticas com as recomendações da bibliografia e apresentar sugestões para a gestão dessa integração. Foram realizados estudos de casos em cinco empresas industriais do setor de bens de capital. As empresas desse setor, por desenvolverem produtos que, de modo geral, serão implantados nos processos de seus clientes, em princípio necessitam de uma maior integração com os clientes. A análise da revisão bibliográfica sobre o tema e dos resultados do estudo de casos, aponta que práticas de integração de clientes têm efeitos positivos no desempenho do processo de desenvolvimento de produto. Por outro lado, observa-se, nessas empresas, a necessidade de um maior grau de formalização dessas práticas, com adoção de procedimentos e técnicas de suporte. Assim, são propostas um grupo de considerações e recomendações para um melhor gerenciamento da integração de clientes no processo de desenvolvimento de produto.Understanding current and future customer needs, translating them into product requirements, and incorporating them into new product design are activities considered critical to the success of product development processes. Several strategies are adopted by companies in order to achieve greater efficiency and effectiveness in the development of new products. Among them is customer integration into this

  20. On the Essence of Capital and Logic of Capitalistic Production%试论资本的本质与资本主义生产逻辑



    Marx believes that capital is neither something abstract nor the sum of the masses of many things, but the social relation of production in certain social and historical conditions. It is the sum of social mass quantity which contains much exchange value. The essence of capitalist society is exploitative relationship, dominating relationship, relationship of property between capital and labor which built on the wage labor. Under different social systems, capital will be destined to accelerate the productive development regardless of ideology. Thus it is necessary to use the public owned capital to liberate and develop the productive forces in the primary stage of socialism in which economy is comparatively backward.%马克思认为资本不是抽象的物,也不仅仅是若干物质量的总和,而是一定社会历史条件下的社会生产关系,它包含了若干交换价值,是若干社会量的总和。资本主义社会的本质其实就是这种建立在雇佣劳动基础上的资本对劳动的剥削关系、统治关系、财产关系等。资本在不同的社会制度下都会促进生产力的快速发展,这并不存在意识形态的区别。因此,在经济社会较为落后的社会主义初级阶段就有必要借助资本的手段,通过发展社会主义公有资本来解放和发展社会生产力。

  1. Social Capital, Value, and Measure: Antonio Negri's Challenge to Capitalism.

    Day, Ronald E.


    Considers one concept in knowledge management, that of social capital, focusing on the problem of measure and value in capitalism, specifically within the period and conditions of post-Fordist production. Discusses the work of Antonio Negri and suggests the importance of knowledge management as a symptom of a turn in political economy. (Author/LRW)

  2. Valuation of Social Capital and Environmental Externalities


    The transition from more traditional to modern modes of production has large implications for time allocation, accumulation of social capital, market and non-market production, consumption, as well as for the environmental externalities of production and consumption. In this paper we explicitly take into account the time allocation aspect in the formation of social capital. We analyze how time allocation, accumulation of social capital and production depend on the productivity in the transfor...

  3. Valuation of social capital and environmental externalities

    Aslaksen, Iulie; Brekke, Kjell Arne


    The transition from more traditional to modern modes of production has large implications for time allocation, accumulation of social capital, market and non-market production, consumption, as well as for the environmental externalities of production and consumption. In this paper we explicitly take into account the time allocation aspect in the formation of social capital. We analyze how time allocation, accumulation of social capital and production depend on the productivity in the transfor...

  4. Človeški kapital, raziskave in razvoj ter rast produktivnosti: empirična analiza za Slovenijo = Human Capital, Research and Development and Productivity Growth: Empirical Analysis for Slovenia

    Matjaž Novak; Taja Spaija


    The aim of this article is to present empirical estimates about the impact of human capital on labor productivity growth in the case of Slovenia. Instead the conventional methodology the methodology principally aimed at estimating the real convergence of labor productivity was used. The basic difference between both methodological frameworks is in the bias of the result. The conventional methodology estimates the growth impact of human capital directly and for this purpose empirical data on t...

  5. Intelligence Capital

    Maid Pajevic


    Full Text Available The author of this article presents a new theoretical concept of intelligence capital, with which he explains the multi-meaningful term ‘intelligence’. The author offers a conceptual frame „intelligence capital“ as a generic complex consisting of four interactively linked elements. The contribution of this article is, among other things, an answer to a question: What is an applicative value of intelligence capital as a new theoretical concept for the sys­tem of security and intelligence of BiH? Historical context implies greater responsibility of OSA BiH in realising its preventive function of protecting security of BiH and its citizens. Theoretical frame of the intelligence capital implies that the system of security and intelligence of BiH should be able to respond to strategic questions: to know-what, to know – why, to know – how, to know – who.

  6. Revitalizing ecological capital

    Swagemakers, P.; Wiskerke, J.S.C.


    The modernization of agricultural food production has diminished and is diminishing the sustainable use of the local natural resource base, resulting in the fragmentation of landscapes and the decline of biodiversity. In this paper we analyze the revitalization of ecological capital, which provides

  7. Venture Capital Backed Growth

    Keuschnigg, Christian


    The paper proposes a simple equilibrium model of venture capital, entrepreneurship and innovation. Venture capitalists not only finance but also advise start-up entrepreneurs and thereby add value to new firms. The paper demonstrates how a productive and active VC industry boosts innovation driven growth.

  8. Intelligence Capital

    Maid Pajevic


    The author of this article presents a new theoretical concept of intelligence capital, with which he explains the multi-meaningful term ‘intelligence’. The author offers a conceptual frame „intelligence capital“ as a generic complex consisting of four interactively linked elements. The contribution of this article is, among other things, an answer to a question: What is an applicative value of intelligence capital as a new theoretical concept for the sys­tem of security and intelligence of Bi...

  9. Trinidadian capitalism

    Kevin A. Yelvington


    [First paragraph] Capitalism: An Ethnographic Approach. DANIEL MILLER. Oxford: Berg, 1997. x + 357 pp. (Cloth £39.00, Paper £17.99) Women, Labour and Politics in Trinidad and Tobago: A History. RHODA E. REDDOCK. London: Zed, 1994. vi + 346 pp. (Cloth £39.95, Paper £15.95) Despite the underdeveloped state of the scholarship on its admittedly short sugar plantation slavery period, we now have a corpus of studies on various aspects of capitalism in Trinidad - from its histor...

  10. Five models of capitalism

    Luiz Carlos Bresser-Pereira


    Full Text Available Besides analyzing capitalist societies historically and thinking of them in terms of phases or stages, we may compare different models or varieties of capitalism. In this paper I survey the literature on this subject, and distinguish the classification that has a production or business approach from those that use a mainly political criterion. I identify five forms of capitalism: among the rich countries, the liberal democratic or Anglo-Saxon model, the social or European model, and the endogenous social integration or Japanese model; among developing countries, I distinguish the Asian developmental model from the liberal-dependent model that characterizes most other developing countries, including Brazil.

  11. Measuring social capital: The Danish Cooperative Dairy Movement

    Svendsen, G.L.H.; Svendsen, Gert Tinggaard


    What are the roots of social capital and how can it be measured and built? Social capital is considered as a new production factor which must be added to the conventional concepts of human and physical capital. Social capital is productive because it increases the level of trust in a society and ...

  12. Allergy Capitals

    ... McAllen, TX The report looks at 3 important factors: Pollen score Allergy medication usage Availability of Board-certified allergists This year’s report named Jackson, Mississippi, as the top Spring Allergy Capital due to its: Higher than average pollen Higher ...

  13. Dream capitalism

    Pierson, Christopher


    John Tomasi’s Free Market Fairness represents an heroic attempt to bridge the gap between Rawlsian ‘high liberals’ and the advocates of classical liberalism/contemporary libertarianism. I argue that Tomasi’s project fails, above all because it cannot give a compelling account of contemporary (American) capitalism or of its capacity to deliver free market fairness.

  14. Cognitive Capitalism, Education and Digital Labor

    Peters, Michael A., Ed.; Bulut, Ergin, Ed.


    Cognitive capitalism--sometimes referred to as "third capitalism," after mercantilism and industrial capitalism--is an increasingly significant theory, given its focus on the socio-economic changes caused by Internet and Web 2.0 technologies that have transformed the mode of production and the nature of labor. The theory of cognitive capitalism…

  15. Human Capital and Business Cycle Persistence

    Roberto Perli; Plutarchos Sakellaris


    In this paper we show that a two sector model with human capital is able to generate persistence in output growth comparable to that observed in the postwar U.S. data. The key feature is a relatively low elasticity of substitution between human capital and raw labor in the production of human capital.

  16. Human Capital Investment, Cash Flow Risk and Capital Structure Dynamics

    Zhang, Xiaolan


    My dissertation explores the financial effects of firms' growing reliance on intangible capital in their production technology. I examine the fundamental link between the cash flow risk, financial decision-making and the accumulation of firm-level intangible capital both in theory and in empirics. In Chapter one, I document that public firms in the United States that provide better insurance against productivity shocks to their workers experience higher cash flow volatility. Difference in i...

  17. The “Public Capital Hypothesis” : The Case of Germany

    Conrad, Klaus; Seitz, Helmut


    According to the "public capital hypothesis" public investment crowds in private investment by increasing the rate of return to private capital. The present paper uses an extended cost function with public capital included as an unpaid fixed factor of production to ex- amine the impact public capital has on the private economy. Using a panel of four highly aggregated sectors of the West German Economy, it is shown, that the provision of public capital raises the demand for private capital, as...

  18. The Impact of Disaggregated ICT Capital on Electricity Intensity of Production: Econometric Analysis of Major European Industries

    Bernstein, Ronald; Madlener, Reinhard


    In this paper we empirically analyse the impact of disaggregated ICT capital on the electricity intensity in five major European industries (chemical, food, metal, pulp & paper and textile). The analysis of each industrial sector is based on an unbalanced panel including data for eight EU member countries (Denmark, Finland, Germany, Italy, Portugal, Slovenia, Sweden and the UK) for the period 1991-2005. The panel-econometric approach, in which we account for country-specific fixed effects, is...

  19. Why Does Capital Flow to Rich States?

    Sebnem Kalemli-Ozcan; Ariell Reshef; Bent Sorensen; Oved Yosha


    We study the determinants of net capital income flows within the United States. We analyze a simple multi-state neoclassical model in which total factor productivity varies across states and over time and capital flows freely across state borders. The model predicts that capital will flow to states with relatively high output growth. Since relative growth patterns are persistent such states are also high output states, which implies that high output will be associated with inflows of capital ...

  20. A bottleneck capital model of development

    Jordan Rappaport


    A convex marginal adjustment cost allows the neoclassical growth model to match observed transition paths for output growth, savings, investment, the real interest rate, and the shadow value of installed capital. Such an adjustment cost need apply only to one of two complementary capital inputs with minimal factor income share. The interaction of complementary capital inputs blurs the distinction between capital accumulation and productivity growth.

  1. Innovation, Capital Accumulation and Economic Transition

    Keuschnigg, Christian; Kohler, Wilhelm


    Abstract: This paper explores some links between trade, human capital investment and innovation-based growth in the context of Eastern European economies in transition. Specifically, we calibrate a two region model with trade in differentiated high-tech products and a homogeneous traditional commodity. Human capital, or the quality of the skilled labour force, as well as physical capital are accumulated. Human capital remains finite in the long-run but depends endegenously on education and is...

  2. A Doctoral Dissertation by Undesirable Learning Style——On Liu Fang's Song Dynasty Double Capital of Urban Culture and Literary Production

    Tan Qingyang


    Recently,I saw a doctoral dissertation online.It is Liu Fang' s Song Dynasty Double Capital of Urban Culture and Literary Production which passed Ph.D.thesis defense in a university in 2008.At the first glance at the subject,it is very attractive.While I read the afterword and knew the topic had won three funds given by his university,his province and the Ministry of Education respectively,it seemed even better.But after carefully reading the text,I was disappointed.We can say that it is not only filled with faults everywhere,but also by undesirable learning style.

  3. Human Capital and Sustainability

    Garry Jacobs


    Full Text Available A study of sustainability needs to consider the role of all forms of capital—natural, biological, social, technological, financial, cultural—and the complex ways in which they interact. All forms of capital derive their value, utility and application from human mental awareness, creativity and social innovation. This makes human capital, including social capital, the central determinant of resource productivity and sustainability. Humanity has entered the Anthropocene Epoch in which human changes have become the predominant factor in evolution. Humanity is itself evolving from animal physicality to social vitality to mental individuality. This transition has profound bearing on human productive capabilities, adaptability, creativity and values, the organization of economy, public policy, social awareness and life styles that determine sustainability. This article examines the linkages between population, economic development, employment, education, health, social equity, cultural values, energy intensity and sustainability in the context of evolving human consciousness. It concludes that development of human capital is the critical determinant of long-term sustainability and that efforts to accelerate the evolution of human consciousness and emergence of mentally self-conscious individuals will be the most effective approach for ensuring a sustainable future. Education is the primary lever. Human choice matters.

  4. Instrumental Capital

    Gabriel Valerio


    Full Text Available During the history of human kind, since our first ancestors, tools have represented a mean to reach objectives which might otherwise seemed impossibles. In the called New Economy, where tangibles assets appear to be losing the role as the core element to produce value versus knowledge, tools have kept aside man in his dairy work. In this article, the author's objective is to describe, in a simple manner, the importance of managing the organization's group of tools or instruments (Instrumental Capital. The characteristic conditions of this New Economy, the way Knowledge Management deals with these new conditions and the sub-processes that provide support to the management of Instrumental Capital are described.

  5. Contagious Capitalism

    Peter T. Leeson; Russell S. Sobel


    Is capitalism contagious? Since WWI, global foreign policy has treated economic freedom/repression like a virus that spreads between countries. Most recently, the ?domino theory? of freedom has played prominently in U.S. foreign policy toward Asia, Latin America, and the Caribbean during the Cold War, and the Middle East during the War on Terror. This paper investigates the spread of economic freedom between nations. Our analysis considers two potential channels of this spread: geography and ...

  6. Can Intangible Capital Explain Cyclical Movements in the Labor Wedge?

    Leena Rudanko


    Intangible capital is an important factor of production in modern economies that is generally neglected in business cycle analyses. We demonstrate that intangible capital can have a substantial impact on business cycle dynamics, especially if the intangible is complementary with production capacity. We focus on customer capital: the capital embodied in the relationships a firm has with its customers. Introducing customer capital into a standard real business cycle model generates a volatile a...

  7. Operations and maintenance performance in oil and gas production assets. Theoretical architecture and capital value theory in perspective

    to visualize how operations and maintenance performance makes good business sense, and more balanced information and knowledge requirements to support decisions settings. The thesis emphasizes that despite there is a popular demand on this issue, subject matter has not fully been explored within the oil and gas business environment, and even the few of more recent contributions have not adequately addressed the issue. The underlying challenges in this regard are attributed in this thesis to socio-technical complexity and causal ambiguity of operations and maintenance performance within organizational settings. And it furthermore emphasizes that the degree of such complexity and ambiguity are defined by the extent of information and knowledge asymmetries on performance. To address the issue of technical alienation of operations and maintenance performance in oil and gas business terms, the thesis attempt to generate a link between oil and gas business, oil and gas production assets, and operations and maintenance performance. The underlying assertion is that, oil and gas production portfolio of any organization bears a specific role-play in respect of what matters for commercial success of the business, and that role-play in turn is the basis to redefine the mission for operations and maintenance. And also, this mission remains the point of departure for systematic development of operations and maintenance performance architecture. The theoretical architecture that is brought into perspective in this thesis, addresses both the socio-technical complexity by dimensioning operations and maintenance performance into its constituent components, and causal ambiguity simultaneously by incorporating a logic to this dimensioning process. Equally importantly, during this effort, it also pays attention to institute relevance, completeness, and flexibility of the architecture as necessary. Moving further, the thesis elaborates on how this theoretical architecture can be extended

  8. Intellectual capital is the driver of global competitiveness

    Andriessen, Daan


    The value of CUlTent organizations and industries is increasingly located in intangibles (human capital, structural capital and relational capital) and basically,knowledgehasbecomea factor of production and a main asset. This Intellectual Capital does not appear on balance sheets,but ultimately does have an enormous impact and is basic to match the requirements of knowledgeintensiveeconomiesin Asia and Europe.

  9. Intellectual capital is the driver of global competitiveness

    Andriessen, Daan


    The value of CUlTent organizations and industries is increasingly located in intangibles (human capital, structural capital and relational capital) and basically,knowledgehasbecomea factor of production and a main asset. This Intellectual Capital does not appear on balance sheets,but ultimately does

  10. Capital cost estimate


    The capital cost estimate for the nuclear process heat source (NPHS) plant was made by: (1) using costs from the current commercial HTGR for electricity production as a base for items that are essentially the same and (2) development of new estimates for modified or new equipment that is specifically for the process heat application. Results are given in tabular form and cover the total investment required for each process temperature studied.


    Gonzyus S. N.


    Full Text Available The modified production function including the immaterial capitals is offered. Diagrams of capitals, including "core" and "fringe" of the capitals are formed of the material and immaterial capitals. The analysis is carried out and positive experience of innovative development of a number of the known Russian companies according to the corporate reporting is revealed. It's proved that the development of corporation of knowledge economy is provided by a dominating role of financial, human, and also the institutional and cultural and moral capitals

  12. Public and private expenditures on human capital accumulation in India

    Ghate, Chetan; Glomm, Gerhard; Stone, John T.


    We study a model of human capital driven growth, where the parent's human capital serves as a productive input in the child's human capital production only when that of the former exceeds a minimum level required to intellectually contribute to the child's learning. Private and public expenditures on education enter in the child's human capital production function, and are allowed to vary in terms of substitutability and relative productivity. Households receive income from labor and face bot...

  13. Capital formation and productivity growth in South Korea and Taiwan : realising the catch-up potential in a world diminishing returns

    Timmer, Marcel; Ark, Bart van


    In this paper we reconstruct the non-residential capital stock of South Korea and Taiwan based on long-term series of investment in non-residential buildings and machinery and equipment. Secondly, we looked at the impact of capital input measures, using a stock as a well a flow measure of capital, o

  14. Methodological Approaches for Estimating Gross Regional Product after Taking into Account Depletion of Natural Resources, Environmental Pollution and Human Capital Aspects

    Boris Alengordovich Korobitsyn


    Full Text Available A key indicator of the System of National Accounts of Russia at a regional scale is Gross Regional Product characterizing the value of goods and services produced in all sectors of the economy in a country and intended for final consumption, capital formation and net exports (excluding imports. From a sustainability perspective, the most weakness of GRP is that it ignores depreciation of man-made assets, natural resource depletion, environmental pollution and degradation, and potential social costs such as poorer health due to exposure to occupational hazards. Several types of alternative approaches to measuring socio-economic progress are considering for six administrative units of the Ural Federal District for the period 2006–2014. Proposed alternatives to GRP as a measure of social progress are focused on natural resource depletion, environmental externalities and some human development aspects. The most promising is the use of corrected macroeconomic indicators similar to the “genuine savings” compiled by the World Bank. Genuine savings are defined in this paper as net savings (net gross savings minus consumption of fixed capital minus the consumption of natural non-renewable resources and the monetary evaluations of damages resulting from air pollution, water pollution and waste disposal. Two main groups of non renewable resources are considered: energy resources (uranium ore, oil and natural gas and mineral resources (iron ore, copper, and aluminum. In spite of various shortcomings, this indicator represents a considerable improvement over GRP information. For example, while GRP demonstrates steady growth between 2006 and 2014 for the main Russian oil- and gas-producing regions — Hanty-Mansi and Yamalo-Nenets Autonomous Okrugs, genuine savings for these regions decreased over all period. It means that their resource-based economy could not be considered as being on a sustainable path even in the framework of

  15. International Capital Movements Under Uncertainty


    In this paper, we analyze the determinants of international movements of physical capital in a model with uncertainty and international trade in goods and securities.In our model, the world allocation of capital is governed, to some extent, by the asset preferences of risk averse consumer-investors. In a one-good variant in the spirit of the MacDougall model, we find that relative factor abundance, relative labor force size and relative production riskiness have separate but interrelated infl...

  16. Flexible Capitalism

    Approaching “work” as at heart a practice of exchange, this volume explores sociality in work environments marked by the kind of structural changes that have come to define contemporary “flexible” capitalism. It introduces anthropological exchange theory to a wider readership, and shows how the...... perspective offers new ways to enquire about the flexible capitalism’s social dimensions. The essays contribute to a trans-disciplinary scholarship on contemporary economic practice and change by documenting how, across diverse settings, “gift-like” socialities proliferate, and even sustain the intensified...... flexible commoditization that more commonly is touted as tearing social relations apart. By interrogating a keenly debated contemporary work regime through an approach to sociality rooted in a rich and distinct anthropological legacy, the volume also makes a novel contribution to the anthropological...

  17. Understanding Capitalism

    du Gay, Paul; Morgan, Glenn


    they are to be sustained. Such logics are stabilized to the degree that they can pass the tests which they set themselves. The chapter shows how the projective city has increasingly failed these tests. It has instead created a privileged group of ‘mobile citizens’ working with mobile, global capital in...... ways that increasingly depend on a static, immobile group who are poorly paid, whose employment rights have been undermined and whose political voice is increasingly ignored. The chapter shows how Boltanski's pragmatist approach to critique as emergent from the experience of the actors themselves...... rather than being imposed by the analyst provides the basis for an understanding of how social and artistic critiques emerge. Whilst recognizing that New Spirits inevitably bears the marks of its origins in the particular context of France in the late 1990s, the chapter argues that there are key aspects...

  18. Placing social capital

    G Mohan; J Mohan


    Metadata only record This paper looks at the relevance and contributions of social capital analysis to human geography and vise versa. The authors start by defining social capital and clarifying and distinguishing concepts, and critiques of Putnam's work. Social capital is simultaneously an economic, sociological, political, and geographical concept, but it must be distinguished from human capital, cultural capital, and networks. Social capital can be relevant to human geographers because ...

  19. Understanding International Differences in Trade and Capital Market Integration

    Sebastián Claro


    International integration in capital markets raises the cost of capital in technology-backward countries, pushing them toward specialization in labor-intensive industries. To avoid specialization and to sustain production of capital-intensive industries, governments either impose tari.s or limit the degree of capital market integration. The idea that trade and capital market distortions are substitutes is apparently contradicted by the empirical evidence, that shows that countries with more o...

  20. National Accounting with Natural and Other Types of Capital

    We do double-entry national accounting and incorporate zero profit arbitrage conditions (Euler equations) for different types of capital, including natural capital. In non-balanced growth, capital gains terms for capital goods appear in the income side of the accounts. Depreciation terms appear on the product or expenditure side. We consider renewable natural capital as well as non-renewable of both durable and non-durable types. 14 refs

  1. The Crisis of Intellectual Monopoly Capitalism

    Ugo Pagano


    The last three decades have witnessed the emergence of a new species of capitalism. In spite of marked differences among its different national varieties, a common characteristic of this species can be found in the global monopolization of knowledge. This monopolization involves hierarchical relations among firms and between capital and labor because the capital of some firms includes the exclusive ownership of much of the knowledge used in production. Since the 1994 TRIPS agreements, the gro...

  2. Quality Issues in Human Capital Management



    Human capital and its management are important because give the possibility to organizations to use more productively the personnel by means of measurements, analysis and evaluations than by suppositions. We notice in parallel that the increasing interest towards human capital of the company is more and more obvious. The success, the performance and competition of the companies depend in great measure on the content and quality of human capital management, That is why, the key-word of human c...

  3. Sustainable Development and Human Resource Capital

    Tisdell, Clement A.


    Human resources are central to economic development and can be increased in value and productivity by investment in human beings e.g. in their education and health. But for a considerable period in the past economists stressed the importance of the accumulation of man-made physical capital for economic growth and development to the neglect of human resource capital. Nevertheless, in the second half of the 20th century the importance of human resource capital (particularly education) for econo...

  4. Human capital and externalities in cities

    Ciccone, Antonio; Peri, Giovanni


    We combine growth theory with US Census data on individual schooling and wages to estimate the aggregate return to human capital and human capital externalities in cities. Our estimates imply that a one-year increase in average schooling in cities increases their aggregate labor productivity by 8 to 11 percent. We find no evidence for aggregate human capital externalities in cities however although we use three different approaches. Our main theoretical cont...

  5. The Economic Impact of Capital-Skill Complementarities in German and US Industries Productivity Growth and the New Economy

    Strobel, Thomas


    US labor productivity in ICT-skill intensive industries experienced tremendousincreases in post–1995 trend growth compared to Germany, while other (non-ICT-skillintensive) industries showed similar growth trends in both countries. Examining thesource of industry productivity growth in German ICT-skill intensive sectors, there is noempirical evidence on the influence of ICT-skill complementarities; rather was productivitygrowth of German Motor Vehicles & Other Transports driven by Non-ICT-skil...

  6. National accounting and capital

    John M. Hartwick


    National Accounting and Capital presents definitive solutions to current problems in national accounting practice. Professor Hartwick deals expertly with problems in accounting natural capital, financial capital and skills capital and communicates his solutions in specially designed national accounting tables or matrices.

  7. Making Capitalism Work: Social Capital and Economic Growth in Italy, 1970-1995

    Lyon, Thomas P.


    Using data on the 20 Italian regions for the period 1970-1995, I examine whether the presence of social capital, as reflected in a number of different measures collected by Putnam (1993), affects economic productivity. I find three types of effects. First, social capital, when treated as an input to regional production, has a positive and significant effect in the South, but a much weaker effect in the North. Second, some forms of social capital can significantly increase regions’ propensitie...

  8. Capitalism and human flourishing?

    Gasper, D.R.


    What interpretation of human flourishing, what ideas of value does capitalism in practice embody and promote? To address this question the paper clarifies first that "capitalism" must be understood as more than merely a system of private property and markets. It contains "the prerogative of capital", in which surplus remains with the owners of capital, and "the perspective of capital", in which hired work is defined as a cost. The question must also be distinguished from more conventional one...

  9. Capitalism and justification

    Birešev Ana


    Weber's thesis that the spirit of capitalism was preexistent to the rise of capitalism itself inspired many sociologist to search for the cultural background of contemporary forms of capitalism. In this paper, the author focuses on and makes comparisons of three approaches of such kind. The one approach draws from Luc Boltanski and Ève Chiapello who examine the development of 'new spirit of capitalism' by focusing on the interrelation of two macroactors - capitalism and critique; the other on...

  10. Research regarding agro-tourism stage in Apuseni Mountains area and capitalize of traditional products through this

    Ramona Ciolac


    Full Text Available Most studies have shown that rural tourism combined with rural resources and traditional products would be an important "tool" for revitalizing the rural economy, and that they should be essential components of the rural economy development strategy, desirable goal for Apuseni Mountains. A great part of the localities from this area are great keeper of traditions. If on the customs and traditions we put the mountain natural resources and specific traditional products results a valuable tourist product that could local increase revenue and attract young people in rural areas. Many rural areas have a potentially remarkable natural and cultural history, and those who developed the required tourist infrastructure (boarding/private farms, and realized tourist opportunity and have used it with success.

  11. Optimal Capital Taxation in A Neoclassical Growth Model

    Chia-Hui Lu; Been-Lon Chen


    This paper studies the optimal factor tax incidence in a neoclassical growth model with a given share of government expenditure in output. In the Ramsey planner’s optimization, the effect of next period’s capital on government expenditure equals the given share of the marginal product of capital. Capital accumulation reduces the discounted net marginal product of next period’s capital by way of increasing government expenditure. In order to internalize the distortion, it is optimal to tax cap...

  12. Peers and sources as social capital in the production of news: Online social networks as communities of journalists

    Vergeer, M.R.M.


    In a very short time span, Twitter has become a major force in modern societies and also in the production of news by journalists. How journalists use Twitter is studied extensively, particularly on a small scale (i.e., qualitative research, specific events, mostly descriptive). However, studies on

  13. Investment Problems of China Rural Human Capital

    ZHANG Junxia; YU Jialin; CHEN Ying


    The rural human capital refers to the condensation of the physical body, knowledge, skills, and all the abilities that can improve the capacity of the rural labor productivity. The ability is a form of human capital stock and it plays an important role in China's development of rural economy and society, but at present the situation of investment in human capital in rural areas is not optimistic. A lot of problems need to be solved such as the inadequate total investment and the irrational structure, as to these issues, strategies and recommendations were proposed in order to strengthen the human capital investment.

  14. Global capital markets: An updated profile

    Filipović Miroslava


    Full Text Available More than two decades after the beginning of the financial revolution globalization of capital flows still attracts considerable attention, from both practitioners and academics. The aim of this paper is to contribute to understanding of some aspects of the global capital scene, as well as to emphasize certain developments which might illustrate its changing profile. Several fundamental perspectives profile the global capital market. A quantitative review provides a sense of sheer volumes, trends, origins and destinations of capital flows; an assessment of the global capital market’s degree of integration follows. The emergence of new (types of actors is another important aspect of the global processes, while illustrations of new market products and emerging segments may add new perspectives on the profile of the global capital market. Finally, the paper concludes with a brief overview of digitalization of the financial supply chain.

  15. Capital Structure, Strategic Competition, and Governance

    T.T. Nguyen (Thuy Thu)


    textabstractThis thesis consists of four studies on the interactions of capital structure and product market competition, and on several aspects of governance, firm financing and growth. The first study investigates how competitive behavior and market uncertainty affect the capital structure of a fi

  16. Operations and maintenance performance in oil and gas production assets : theoretical architecture and capital value theory in perspective

    Liyanage, Jayantha P.


    Oil & gas exploration and production by far is known to be an economically and technologically intensive business. In addition, its social and ecological sensitivity is much discussed and debated lately. The dynamic, uncertain, and complex business environment appear to have redefined what truly matters for commercial success in oil and gas business. Asset operations and maintenance process is receiving an increasing attention in this environment.At the current pace of advancement, both i...

  17. Intangible Capital and Ramsey Capital Taxation (updated)

    Juan Carlos Conesa; Begoña Domínguez


    The standard analysis of optimal fiscal policy in the neoclassical growth model, e.g. Chamley (1986) and Judd (1985), aggregates different types of assets into a unique capital good and all sorts of capital taxes into a unique capital tax. There, the optimal capital tax rate is very high in the short-run and zero in the long-run and, inevitably, time-inconsistent. This paper shows that this classic result does not hold in a more disaggregated framework. As proposed in McGrattan and Prescott (...

  18. Limited Capital Market Participation and Human Capital Risk

    Jonathan Berk; Johan Walden


    The non-tradability of human capital is often cited for the failure of traditional asset pricing theory to explain agents' portfolio holdings. In this paper we argue that the opposite might be true --- traditional models might not be able to explain agent portfolio holdings because they do not explicitly account for the fact that human capital does trade (in the form of labor contracts). We derive wages endogenously as part of a dynamic equilibrium in a production economy. Risk is shared in l...

  19. Capital humano y productividad en microempresas

    Alejandro Mungaray Lagarda; Martín Ramírez Urquidy


    The hypothesis that human capital increases productivity is tested using data from a sample of low value-added microenterprises. A special attribute of this paper is the join treatment of formal learning or training in education institutions, and informal training by experience of the owner in the firm management. Following previous studies, the relation between human capital and productivity is determined by estimating production functions with the inclusion of dummy variables to control for...

  20. Narrative ecosystems through the network analysis lens. Step one: The production of U.S. TV series, between capital and labor strategies

    Marco Ruffino


    Full Text Available This paper aims to present a first step in the investigation of the environment hosting narrative ecosystems through the tools offered by Social Network Analysis (SNA. The narrative ecosystem paradigm is a cross-disciplinary approach that considers vast narratives as the result of an ecosystemic design, where a general model is developed in advance as an evolutionary system. Consistently with this systemic view, our idea is to bring the relations among the components of the ecosystems and the environment that host them (i.e. the entertainment industry to the fore through the implementation of SNA. In order to do so, we focused on the relational patterns characterizing a sample of 164 U.S. TV series aired between 1984 and 2013. For each one of them, we collected data on executive producers, broadcasters, production studios, actors and writers. Through the analysis of the networks we obtained by computing the data, we drew some conclusions regarding the effectiveness of the ecological and evolutionary paradigm, the non-rigid and opportunistic patterns of alliances and coalitions among competitive firms, the relevance of the strategies of capital implemented by the firms and the strategies of labor implemented by the people.

  1. Human capital and career success

    Frederiksen, Anders; Kato, Takao

    formal schooling and subsequent human capital obtained informally on the job are found to be complements in the production of career success. Fourth, though there is a large body of the literature on the relationship between firm-specific human capital and wages, the relative value of firm-specific human......Denmark’s registry data provide accurate and complete career history data along with detailed personal characteristics (e.g., education, gender, work experience, tenure and others) for the population of Danish workers longitudinally. By using such data from 1992 to 2002, we provide rigorous...

  2. Human Capital, Wealth, and Renewable Resources

    Wei-Bin ZHANG


    Full Text Available This paper studies dynamic interdependence among physical capital, resource and human capital. We integrate the Solow one-sector growth, Uzawa-Lucas two-sector and some neoclassical growth models with renewable resource models. The economic system consists of the households, production sector, resource sector and education sector. We take account of three ways of improving human capital: Arrow’s learning by producing (Arrow, 1962, Uzawa’s learning by education (Uzawa, 1965, and Zhang’s learning by consuming (Zhang, 2007. The model describes a dynamic interdependence among wealth accumulation, human capital accumulation, resource change, and division of labor under perfect competition. We simulate the model to demonstrate existence of equilibrium points and motion of the dynamic system. We also examine effects of changes in the productivity of the resource sector, the utilization efficiency of human capital, the propensity to receive education, and the propensity to save upon dynamic paths of the system.

  3. A successful capital treadmill

    A summary of the operating economics of the Winter Cummings Sand Pool, a horizontal well development project with a sustained rate of development, was presented. A total of 58 horizontal wells have been drilled over a time span of seven years. The production performance of the first pilot wells indicated that development of the pool by horizontal wells could be economically viable. Since its inception the Winter field development was considered to have become a capital treadmill with an incremental rate of return on the incremental investment of 240 percent (a 24 million dollar net operating cash flow for a 10 million dollar investment). Current development status and production forecasts were also discussed. 21 figs

  4. Financing working capital

    Vasile Popengă; Mirela Popescu


    The paper presents some particularities regarding the following aspects: what is working capital; shows alternative net working capital financing strategies, ranging from the most to least risky; also some sources of short-term finance

  5. Triads of capital

    Svendsen, Gunnar Lind Haase

    Within current research on social capital, a gap exists between political history analyses at the macro level and classical, sociological analyses at the meso and micro levels. Following up on  earlier work, the main purpose of this paper is to mediate between the two conflicting stances...... represented by Putnam and Portes. The paper raises the following question: Is it possible to detect the historical driving forces behind the building of both beneficial and harmful social capital? Driving forces are defined as structural determinants, which change human organization at all levels. The...... hypothesis is that three forms of capital have the potential to act as driving forces: social capital, cultural capital and physical capital, the latter operationaliz­ed as buildings. A new concept, triad of capital, is introduced to analyze the interrelationship between these three forms of capital. A triad...

  6. Asymmetric capital-tax competition, unemployment and losses from capital market integration

    Pethig, Rüdiger; Kolleß, Frieder


    In a multi-country general equilibrium economy with mobile capital and rigid-wage unemployment, countries may differ in capital endowments, production technologies and rigid wages. Governments tax capital at the source to maximize national welfare. They account for tax base responses to their tax and take as given the world-market interest rate. We specify conditions under which - in contrast to free trade with undistorted labor markets - welfare declines and unemployment increases in some co...

  7. Measuring Irish capital

    Keeney, Mary J.


    Irish National Income and Expenditure Accounts do not contain information on capital stocks or capital services estimation. Estimates of the national capital stock and the depreciation of its fixed assets are basic macroeconomic aggregates and are integral components for many modelling exercises. This paper will present a detailed asset-level analysis of the stocks and depreciation of Irish fixed assets and the capital formation flows used to derive them. It will apply an improved perpetual i...

  8. Welfare Enhancing Capital Imports

    Masao Oda; Koji Shimomura; Ryuhei Wakasugi


    This paper provides a model to consider the conditions under which an acceptance of foreign capital is welfare enhancing in a multi-commodity multi-factor framework. Contrary to the pessimistic conventional wisdom of capital imports and welfare, we provide a justification for the acceptance of foreign capital and the diversification of industrial structure in developing countries. A sufficient condition for the acceptance of foreign capital to be welfare enhancing is that all domestic factors...


    Petris Sorina


    Full Text Available Until recently, capital mobility was encouraged across national borders, because it was considered that such capital can seek the highest rate of return. However, recent global financial developments have shown that, due to contagion, the mobility of capital flows can cause severe financial imbalances. In the context of globalization, liberalization or maintaining controls on capital flows is a current topic, more debated by economists. This topic is very important, due to the impact of liberalization decision or maintaining controls on capital flows has on the overall macroeconomic framework. The paper analyzes the relationship between capital flows’ control and the income per capita, the degree of central bank independence, democracy country, the foreign exchange regime. Also, it analyzes the effectiveness in time of capital controls, taking account of financial system development and potential risks of instability. Over time, it was observed that a period in which they have imposed restrictions on capital movements was followed by a removal of such restrictions, and vice versa. Cyclic change of capital movements regime corresponds to the cyclic evolution of the global economy. Full capital account liberalization led to the emergence of currency and financial crises, so that the idea of maintaining controls on capital is not rejected by economists. After a full liberalization of capital flows, there is a change in the mentality of an increasing number of economists, who support the maintenance of controls, in a gradual liberalization.

  10. Four Books on Capitalism

    Streeck, W.


    Christoph Deutschmann Kapitalistische Dynamik: Eine gesellschaftstheoretische Perspektive. Wiesbaden, VS Verlag, 2008 Geoffrey Ingham Capitalism. Oxford, Polity, 2008 John McMurtry The Cancer Stage of Capitalism. London, Pluto, 1999 Frederic L. Pryor The Future of U.S. Capitalism. New York, Cambridge University Press, 2002

  11. Factor Accumulation and Economic Growth in Pakistan: Incorporating Human Capital

    Arshad, Shahzad; Munir, Kashif


    The objective of this study is to analyze relationship between factor accumulation and economic growth in Pakistan for the time period of 1973 to 2014 using ARDL bound testing approach to cointegration. Considering human capital as a core factor of production we have constructed a series of human capital as average year of schooling and real capital stock is also generated on the basis of gross fixed capital formation. Under endogenous growth model bound testing approach to cointegration sugg...

  12. Public procurement in the presence of capital taxation

    Alfons J. Weichenrieder


    The paper considers governments' public procurement decision as a way of influencing industry structure. In a federation in which capital is mobile and capital taxation is harmonized, a home bias in public procurement can potentially be explained as an effort to increase the capital intensity of local production and to attract taxable capital. As a result, governments may prefer domestic firms to more efficient foreign firms.

  13. A Case Against Zero Capital-Income Taxation

    Darong Dai; Kunrong Shen; Ruihua Ma


    This paper develops a dynamic general equilibrium model to investigate the optimal level of capital income taxation in light of stochastic endogenous economic growth. Although endogenous human capital is incorporated into our model, we restrict our investigation to the issue of optimal physical capital income tax; and the labor supply is also endogenously determined. This paper proves that the optimal capital income tax should be zero provided exogenous government expenditure on production; h...

  14. Capital-Skill Complementarity and Rigid Relative Wages

    Skaksen, Jan Rose; Sørensen, Anders


    The relative demand for skills has increased considerably in many OECD countries during recent decades. This development is potentially explained by capital-skill complementarity and high growth rates of capital equipment. When production functions are characterized by capital-skill complementarity, relative wages and employment of skilled labor are countercyclical because capital equipment is a quasi-fixed factor in the short run. The exact behavior of the two variables depends on relative w...

  15. Social Capital and Diversification of Cooperatives

    W. Deng (Wendong)


    markdownabstract__Abstract__ This thesis contributes to two research streams of the literature regarding agricultural cooperatives, namely, social capital and product diversification of cooperatives. First, the thesis examines the nature of a marketing cooperative by considering both its economic a

  16. Colombian capital goods industry and technological development.

    Zuleta LA; Londono JL; Uribe JD


    ILO pub-WEP pub. Working paper, capital goods, technology, industrial development, trends, 1955-1978, Colombia - supply and demand, choice of product, Innovation, technology transfer, obstacles, tariff policy, research policy. Bibliography, diagram, statistical tables.

  17. Unemployment dynamics with international capital mobility

    Azariadis, Costas; Pissarides, Christopher


    We study the response of domestic unemployment rates to shocks in total factor productivity for economies with high capital mobility and low labour mobility. We show that rapid capital movements across national borders, like those experienced by developed nations in the last twenty years, substantially amplify the impact on the domestic unemployment rate of domestic fluctuations in total factor productivity relative to what would have happened in a closed economy, shorten the duration of the ...

  18. TV and Capitalization of Free Time. TV Programming as Means of Production / TV y capitalización del tiempo de ocio. La programación como medio de producción

    Ddo. Richard Danta;


    This paper tries to build a conceptual bridge between the communication theories and the contemporary economic ones, concentrating on the added value concept on television industry. More specifically, it pays especial attention to the idea of considering television programming as a means of production that is able to capitalize the emission by using location strategies (day and time in which a television show is offered to the target audience), as well as contents strategies (the narrative na...

  19. Is Capitalism Ethical?

    Suciu T.


    Full Text Available The author of this paper have set off from the question: is the present capitalism ethical? We started with the delimitation and correlation of the concepts of ethics, morals, morality. Further on, we analysed the evolution of capitalism in connection with morals. Based on this research, we came to the conclusion that the capitalist system has undergone through three stages: moral capitalism, amoral capitalism, and immoral capitalism. We concluded by implying that the corporate capitalist society is immoral, that it cannot regulate itself and that the government’s assistance is needed to inoculate the ethics.


    Yuheng LI; Westlund, Hans


    This paper investigates the relationship between overall inequality in China and the contributions of physical capital, human capital and social capital. The investment in physical capital tends to enlarge overall inequality while human capital helps to reduce the inequality. Human capital appears to be more influential than physical capital in overall inequality reduction in the research period. Social capital (people's social networks) however, does not seem to exert any impact on overall i...


    Toth Maria


    Full Text Available The paper proposes sythesizing the most important correlations between the dimensions of human capital, in order to provide a better theoretical basis for assessing realistic valence motivated human resources sustainable development of society. In terms of conceptual work based on the fundamental role of health capital and the neglect that often has its problems, especially in developing countries. Based on the review abstract theory of human capital, research establishes correlations between dimensions. It shows the importance of ethical component in professionalism and existence of moral capital rooted in medical ethics. Specific breakdowns of health capital, referring to the health of the population and medical services. The research findings highlight the profound connection between morality and productivity seemingly nonexistent (customized to the case of medical services, about joint economic approaches ignored. It also means that the moral, professional and medical staff working in social capital formation influence the health of a nation.

  2. Is Social Capital a Good Concept?

    Bjørnskov, Christian; Sønderskov, Kim Mannemar


    This paper explores whether the concept of social capital as popularized by Robert Putnam is a good social science concept. Taking Gerring’s work on concept evaluation as the starting point, the paper first presents a set of criteria for conceptual ‘goodness’ and discusses how social capital...... performs on these criteria. It is argued that social capital eventually may be a good concept if it can be shown empirically to be a unidimensional concept. An empirical section therefore explores the validity of the unidimensionality assumption and rejects it in four separate tests at both the individual...... and aggregate level. We conclude that even if social capital has been a remarkably productive idea, it is not a good concept as most popular conceptualizations define social capital as several distinct phenomena or as phenomena that already have been conceptualized under other labels....

  3. `Brain drain' without migration: Capital market integration and capital-skill complementarities

    Yasuhiro Sato; Kristian Behrens


    We analyze the impacts of capital market integration on the skill composition of labor, using a framework in which heterogeneous agents decide to invest in the acquisition of skills and where production exhibits increasing returns in the available skill range (i.e., capital-skill complementarity).

  4. Fueling innovation in medical devices (and beyond): venture capital in health care.

    Ackerly, D Clay; Valverde, Ana M; Diener, Lawrence W; Dossary, Kristin L; Schulman, Kevin A


    Innovation in health care requires new ideas and the capital to develop and commercialize those ideas into products or services. The necessary capital is often "venture capital," but the link between public policy and the venture capital industry has not been well examined. In this paper we explore the link between venture capital and innovation in health care, and we present new descriptive data from a survey of health care venture capital fund managers. Respondents generally viewed policy levers (for example, reimbursement and regulations) as important risks to venture capital investments, potentially affecting their ability to raise capital for early-stage investment funds. PMID:19049999

  5. Human Capital, Bankruptcy and Capital Structure

    Jonathan B. Berk; Richard Stanton; Josef Zechner


    We derive a firm's optimal capital structure and managerial compensation contract when employees are averse to bearing their own human capital risk, while equity holders can diversify this risk away. In the presence of corporate taxes, our model delivers optimal debt levels consistent with those observed in practice. It also makes a number of predictions for the cross-sectional distribution of firm leverage. Consistent with existing empirical evidence, it implies persistent idiosyncratic diff...

  6. Capital Utilization and Capital Accumulation: Theory and Evidence

    Shapiro, Matthew D.


    A firm may acquire additional capital input by purchasing new capital or by increasing the utilization of its current capital. The margin between capita accumulation and capital utilization is studied in a model of dynamic factor demand where the firm chooses capital, labor, and their rates of utilization. A direct measure of capital utilization -- the work week of capital -- is incorporated into the theory and estimates. The methodology advocated by Hansen and Singleton (1982) is used to obt...




    Using data collected from 714 entrepreneurs in a random sample of 10,000 Danes, this study provides an investigation of the effect of human capital on social capital among entrepreneurs. Previous entrepreneurship research has extensively investigated the separated effect of human capital and social capital on different entrepreneurial outputs. The study takes a step back and investigates how these two capital concepts are related — specifically how human capital influences social capital. In ...

  8. Technological and West capitals needs of CIS

    This paper describes the decline of petroleum production in the former USSR and the needs of technology transfer and financing by West capitals. Statistical data connected with natural gas and crude oil production, refined petroleum products, and exports are also given. 2 refs., 1 fig., 2 tabs




    Full Text Available In this workpaper we discussed about tax implications of a capital outlay at the time of acquisition depend on the type of investment being acquired. Many capital outlays, such as introduction of a new product, are combinations of a variety of smaller investments. Governments periodically introduce investment tax credit programs to spur investment. We also discussed about the adjustments that need to be made for corporate taxes at the capital acquisition stage, the operating or asset usage stage and the disposal stage.

  10. Capital mobility. An overview

    Arndt, H. W.


    The article analyses the problem of international capital mobility which the Asian crisis has highlighted. It points out that the problem of capital mobility ("hot money" panics) has a long history, but globalization, the opening up of national economies and technological advance have increased the risks. The article discusses four policy debated which are being pursued in the large Asian crisis literature: (i) the pros and cons of capital controls; (ii) the choice of exchange rate regime; (i...

  11. Development and Social Capital

    Fafchamps, Marcel


    This paper examines social capital and its relation with economic development. We focus on the role that interpersonal relationships play in social exchange, whether through the market or through the provision of public goods. By facilitating search and trust, social capital can increase the efficiency of social exchange where formal institutions are weak. But the benefits from social capital are likely to be unequally distributed. Given these features, documenting empirically the benefits of...


    Holt Gheorghe


    Full Text Available Setting up business capital is made from different sources and their use coordinates its policy aims, issues that affect the overall efficiency and thus differentiate companies with the same profile of activity and a similar level of capital advanced in the economic cycle. Thus financial structure, the average cost of capital used in the mechanism how the financial management of the company, of particular importance for this.

  13. KVA: Capital Valuation Adjustment

    Andrew Green; Chris Kenyon


    Credit (CVA), Debit (DVA) and Funding Valuation Adjustments (FVA) are now familiar valuation adjustments made to the value of a portfolio of derivatives to account for credit risks and funding costs. However, recent changes in the regulatory regime and the increases in regulatory capital requirements has led many banks to include the cost of capital in derivative pricing. This paper formalises the addition of cost of capital by extending the Burgard-Kjaer (2013) semi-replication approach to C...

  14. Intangible Capital Accounting

    Mihalache Arsenie-Samoil


    The new economy based on globalization is increasingly important, which shows the decisive role played by intangible capital in achieving the competitive advantage of companies. However, this intangible capital is the hidden side of a company's value, as it represents the company's intangible resources, which cannot be measured by the financial metrics used to measure tangible resources. Given the functional importance of intangible capital, several models several models were proposed by the ...

  15. Human Capital and Retirement

    Alders, P.


    textabstractThis paper investigates the relation between human capital and retirement when the age of retirement is endogenous. This relation is examined in a life-cycle earnings model. An employee works full time until retirement. The worker accumulates human capital by training- on-the-job and by learning-by-doing. The human capital of an employee is subject to depreciation when knowledge of technologies becomes obsolete. After a shock in technology, the worker depreciates on his human capi...

  16. Institutions and Venture Capital

    Lerner, Josh; Tåg, Joacim


    We survey the literature on venture capital and institutions and present a case study comparing the development of the venture capital market in the US to Sweden. Our literature survey underscores that the legal environment, financial market development, the tax system, labor market regulations, and public spending on research and development correlates with venture capital activities across countries. Our case study suggests these institutional differences led to the later development of an ...

  17. Human capital and regional development

    Gennaioli, Nicola; LaPorta, Rafael; L??pez-de-Silanes, Florencio; Schleifer, Andrei


    We investigate the determinants of regional development using a newly constructed database of 1569 sub-national regions from 110 countries covering 74 percent of the world's surface and 96 percent of its GDP. We combine the cross-regional analysis of geographic, institutional, cultural, and human capital determinants of regional development with an examination of productivity in several thousand establishments located in these regions. To organize the discussion, we present a new model of reg...

  18. Venture Capital and Knowledge Transfer

    Dessi, Roberta; Yin, Nina


    This paper explores a new role for venture capitalists, as knowledge intermediaries. A venture capital investor can communicate valuable knowledge to an entrepreneur, facilitating innovation. The venture capitalist can also communicate the entrepreneur's innovative knowledge to other portfolio companies. We study the costs and benefits of these two forms of knowledge transfer, and their implications for investment, innovation, and product market competition. The model also sheds light on the ...

  19. Compulsory Creativity: A Critique of Cognitive Capitalism

    Steen Nepper Larsen


    Full Text Available Contemporary capitalism can be labelled cognitive capitalism. In this dynamic, demanding and extremely transformative mode of production, knowledge becomes a strategic force of production and an important commodity, while concepts and ideas become items. This article sheds light on some of the implications of the emergence of a cognitive capitalism. In response to modern oxymorons, such as compulsory creativity and mandatory originality, this article offers various attempts to interpret and criticise how human inventiveness and a whole range of externalities get attuned to economic and market strategies, depriving them their natural, social and individual qualities. The aim of this article is to renew and sharpen a critique of the new type of capitalism and to foster some normative bricks that might be able to inspire alternative ways of thinking and living.

  20. Social Capital Database

    Paldam, Martin; Svendsen, Gert Tinggaard


      This report has two purposes: The first purpose is to present our 4-page question­naire, which measures social capital. It is close to the main definitions of social capital and contains the most successful measures from the literature. Also it is easy to apply as discussed. The second purpose ...... to present the social capital database we have collected for 21 countries using the question­naire. We do this by comparing the level of social capital in the countries covered. That is, the report compares the marginals from the 21 surveys....

  1. Human Capital Investment and an Analysis of Its Progressive Profit

    张德平; 孙诚


    Skilled labor force cultivated through putting in funds and time in their education are undoubtedly essential in the operation of sophisticated machines in production, but it is so also in the creation of new ideas and methods in production and other economic activities, and ultimately in the promotion of the progressive increase of material capital. Thus strengthening the investment of human capital and enriching the stock of human capital is of primary importance, especially for China, in the 21st century.

  2. Enduring Relationships in an Economy with Capital and Private Information

    Latchezar Popov; Ravikumar, B; Aubhik Khan


    We introduce capital accumulation into an economy where individuals have private information with respect to productivity shocks. Efficient, incentive-compatible risk-sharing is achieved by conditioning current and future payoffs on the history of productivity reports. We develop a notion of efficiency, similar to that of Atkeson and Lucas (1992). The capital stock in the economy is endogenous in periods after date zero, so our notion of efficiency is minimizing the initial capital stock that...

  3. A Comprehensive Review on Capital Structure Theories


    The aim of this article is to provide a comprehensive review on different theories and hypothesis in regard with achieving an optimal capital structure. Many researchers believed that capital structure includes share issuance, private investment, bank debt, business debts, leasing contracts, tax debt, retirement debt, deferred compensation for executives and employees, deposits, product related-debt and other probable debt. These theories and hypothesis include: Net income, Net operational in...

  4. Inflation crises, human capital formation and growth

    F. HEYLEN; Pozzi, L.; Vandewege, J.


    This paper shows that inflation crises may stimulate the accumulation of human kapital. A crucial idea is that high inflation undermines total factor productivity, which makes working and physical capital formation less attractive. If young agents consider high inflation to be temporary, they decide to study now and work later. During the inflation crisis the real economy declines. The increase in human capital, however, induces strong output growth after the crisis. Using GMM panel procedure...

  5. Capital Structure, Strategic Competition, and Governance

    Nguyen, Thuy Thu


    textabstractThis thesis consists of four studies on the interactions of capital structure and product market competition, and on several aspects of governance, firm financing and growth. The first study investigates how competitive behavior and market uncertainty affect the capital structure of a firm in the U.S. manufacturing. We show that demand uncertainty is positively related to leverage for firms in both the Cournot and the Bertrand samples. Cost uncertainty has a significantly positive...

  6. Énvironmental Economics and Venture Capital

    Emanuel Shachmurove; Yochanan Shachmurove


    What are the effects of macroeconomic variables on venture-backed capital investment in environmentally friendly industries in the United States? What is the significance of location in determining both the number of deals and amount of investment by venture capital in the Clean-tech industry? The Clean-tech sector encompasses those firms that actively incorporate environmental concerns into their products and services. The sector contains environmentally progressive companies from many diffe...

  7. Multiplying financing choices through capital markets

    Carmen CORDUNEANU; Iovu, Laura Raisa


    Considerable evidence shows that countries with the most developed financial sectors and capital markets enjoy the strongest economic growth over the long run. The non-financial sector, small and medium sized entities can access a wider availability of more innovative and lower cost finance to aid their growth, while larger companies profit from an overall reduction in the cost of capital and a wider range of financial products. These economical agents in search of alternatives for financing ...

  8. Variety Enterprises Corporation: Capital Budgeting Decision

    Ilhan Meric,; Kathleen Dunne; Sherry F. Li; Gulser Meric


    The capital budgeting decision is one of the most important financial decisions in business firms. In this case, Variety Enterprises Corporation (VEC) is considering whether to invest in a new production system. To determine if the project is profitable, VEC must first determine the weighted average cost of capital to finance the project. The simple payback period, discounted payback period, net present value (NPV), internal rate of return (IRR), and modified internal rate of return (MIRR) te...

  9. Capital operating time and economic fluctuations

    Dupaigne, Martial


    Acknowledging that changes in factor utilization rates explain variations in factor productive services flows, this paper investigates a dynamic general equilibrium model incorporating quasi-fixed inputs, weak complementarity between capital and labour, and displaying variations in the following three margins : (i) individual hours, (ii) aggregate employment and (iii) the workweek of capital. Both instantaneous amplifications of shocks and mid-term persistence are substantially magnified, wit...

  10. Social Capital and Diversification of Cooperatives

    Deng, Wendong


    markdownabstract__Abstract__ This thesis contributes to two research streams of the literature regarding agricultural cooperatives, namely, social capital and product diversification of cooperatives. First, the thesis examines the nature of a marketing cooperative by considering both its economic and social attributes. Several formal models are formulated to address the interaction between cooperative governance structure and the different dimensions of cooperative social capital. The coopera...