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on Business, Economic and Financial History |
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Issue of 2013‒11‒16
23 papers chosen by |
| By: | Dobado-González , Rafael |
| Abstract: | This article shows some important aspects of a worldwide, historical phenomenon: the globalization of commerce and art which started in the second half of the sixteenth century and had the American, Asian and European territories of the Hispanic Monarchy as main protagonist during the Early Modern Era. The international exchanges –basically, American silver in return for more or less luxurious goods from Asia- that followed the discovery by Urdaneta, in 1565, of the “tornaviaje” between Manila and Acapulco had a profound influence on the forms of production and consumption in both the Old World and the New. Spanish economists and economic historians have probably underscored the historical significance of these unprecedented interactions. The central role played by the Viceroyalty of New Spain in this globalization has perhaps not been properly valued either. |
| Keywords: | Economic History; globalization; Art and commerce in the Early Modern Era; Manila Galleon; Historia Económica; globalización; arte y comercio en la Edad Moderna; Galeón de Manila. |
| JEL: | F10 N00 N40 N70 |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:51112&r=his |
| By: | Broadberry, Stephen (London School of Economics and CAGE); Gardner, Leigh (London School of Economics) |
| Abstract: | Drawing on recent quantitative research on Europe reaching back to the medieval period, and noting a relationship between the quality of institutions and economic growth, this paper offers a reassessment of Africa’s growth prospects. Periods of positive growth driven by trade, followed by growth reversals which wiped out the gains of the previous boom, characterized pre-modern Europe as well as twentieth century Africa. Since per capita incomes in much of sub-Saharan Africa are currently at the level of medieval Europe, which did not make the breakthrough to modern economic growth until the nineteenth century, we caution against too optimistic a reading of Africa’s recent growth experience. Without the institutional changes necessary to facilitate structural change, growth reversals continue to pose a serious threat to African prosperity. Only if growth continues after a downturn in Africa’s terms of trade can we be sure that the corner has been turned. |
| Keywords: | Africa, Growth prospects. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:cge:warwcg:171&r=his |
| By: | Richard N. Langlois (University of Connecticut) |
| Abstract: | This essay examines the historiography of two episodes in history – the scattering of plots in the open fields in the Middle Ages and the transition to the factory system in the Industrial Revolution – to shed light on the uses of institutional economics in economic history. In both of these episodes, economic “just-so” stories advanced our understanding of history. What animated intellectual innovation in both cases was a bold conjecture about the raison d’être of a puzzling institutional structure. But what ultimately enriched our understanding was the process of conjecture and revision those conjectures set off. In both episodes, the revised conjectures that best withstood criticism and revision were those that saw the phenomena not as static snapshots of economic agents confronting an economic problem but rather those that embedded the phenomena within a larger economic problem and within a process of economic change. In the end it is an account of institutional change – what I call the good old New Institutional Economics – that connects the use of institutional economics to explain puzzling historical phenomenon with the role of institutional economics in addressing the big questions of economic growth. |
| Keywords: | institutions, institutional change, transaction costs, open-field system, factory system |
| JEL: | B52 D02 D23 N01 N53 N63 |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:uct:uconnp:2013-33&r=his |
| By: | Bernardo Bátiz-Lazo (Bangor University); Rasol Eskandari (University of Salford); John Goddard (Bangor University) |
| Abstract: | This paper examines the determinants of citation success among authors who have published on the economic and business history of Spain. It departs from the dominant cross section approach to the quantitative assessment of citation success by enabling a 15-year time series analysis of peer-reviewed Spanish and Latin American outlets. Moreover, it considers working papers published online and assesses the role of Spanish as a medium to communicate with an international audience. Our results suggest a high concentration of publications and citations in a small number of authors (including non-residents), the number of years since publication and the importance of international outlets in citation success. Dissemination of online publications was not statistically significant in this sample. |
| Keywords: | knowledge diffusion, electronic publishing, citation indexes, bibliometrics (publication scores), impact, Spain |
| JEL: | A11 N0 N8 M4 O31 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:bng:wpaper:13003&r=his |
| By: | A.B. Atkinson |
| Abstract: | There has been a large rise in the UK ratio of personal wealth to national income. Personal wealth has grown since the 1970s about twice as fast in real terms as national income. Has this rise in the wealth-income ratio led to a corresponding increase in the wealth being passed on from one generation to the next? Are we returning to the levels of inheritance found in the 19th century? In France, the research of Thomas Piketty has highlighted the return of inheritance. The aim of this paper is to construct comparable UK evidence on the extent of the transmission of wealth in the form of estates and, insofar as it is possible, gifts inter vivos. It takes a long-run view of inheritance, starting from 1896, when the modern Estate Duty was introduced and exploits the extensive estate data published over the years in the UK. Construction of a long-run time series for more than a century is challenging, and there are important limitations to the resulting estimates which are discussed extensively in the paper. The resulting time-series demonstrates the major importance of inheritance in the UK before the First World War, when the total transmitted wealth represented some 20 per cent when expressed relative to net national income. In the inter-war period, the total was around 15 per cent, falling to some 10 per cent after the Second World War, and then falling further to below 5 per cent in the late 1970s. Since then, there has indeed been an upturn, although less marked than in France: a rise from 4.8 per cent in 1977 to 8.2 per cent in 2006. This increase was more or less in line with the increase in personal wealth, and has to be interpreted in the light of the changing net worth of the corporate and public sectors of the economy. |
| Keywords: | wealth, inheritance, estate data |
| JEL: | D31 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:cep:sticas:/178&r=his |
| By: | Hart, Robert A; Roberts, J Elizabeth |
| Abstract: | Based on detailed payroll data of blue collar male and female labor in Britain's engineering and metal working industrial sectors between the mid-1920s and mid-1960s, we provide empirical evidence in respect of several central themes in the piecework-timework wage literature. The period covers part of the heyday of pieceworking as well as the start of its post-war decline. We show the importance of relative piece rate flexibility during the Great Depression as well as during the build up to WWII and during the war itself. We account for the very significant decline in the differentials after the war. Labor market topics include piecework pay in respect of compensating differentials, labor heterogeneity, and the transaction costs of pricing piecework output. |
| Keywords: | output pricing; labor heterogeneity; output fluctuations; Piecework - timework hourly pay differentials |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:stl:stledp:2013-12&r=his |
| By: | Charles W. Calomiris; Jonathan Pritchett |
| Abstract: | Abraham Lincoln’s election produced Southern secession, Civil War, and abolition. Using a new database of slave sales from New Orleans, we examine the connections between political news and the prices of slaves for 1856-1861. We find that slave prices declined by roughly a third from their 1860 peak, reflecting increased southern pessimism regarding the possibility of war and the war’s possible outcome. The South’s decision to secede reflected the beliefs that the North would not invade to oppose secession, and that emancipation of slaves without compensation was unlikely, both of which were subsequently dashed by Lincoln’s actions. |
| JEL: | G18 N31 N41 P16 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:19625&r=his |
| By: | Sakai, Mayo (Graduate School of Economics, The University of Tokyo) |
| Abstract: | In the early 20th century Japan, coal mining firms took an intermediary organization of labor, gdormitory system.h Given traditional technology that required high manual skills unknown to managements, firms relied on the intermediary organization both for screening and monitoring workers. This study focuses on referrers of miners, who took an essential role of signaling in the coal mining industry. |
| Keywords: | organization of labor; asymmetric information; adverse selection; moral hazard; social networks; employee referrers; employee referrals; intermediary management; coal mining; Japan |
| JEL: | J20 N35 L22 |
| Date: | 2013–10–30 |
| URL: | http://d.repec.org/n?u=RePEc:itk:issdps:f164&r=his |
| By: | Lawrence J. White |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:ste:nystbu:13-15&r=his |
| By: | Razafindrakoto, Mireille; Roubaud, François; Wachsberger, Jean-Michel |
| Abstract: | The classical and more recent theories on development all fail to explain Madagascar’s long-running economic underperformance. This paper proposes a reinterpretation of Malagasy history based on the analytical framework of political economy. Our analyses point to the fact that, despite deep-rooted blockages, Madagascar has shown an unexpected capacity to transform and modernise: economic transition (with the emergence of a new entrepreneurial class) and political transition (with democratic alternation of power); the setting up of sound institutions that characterise “modern” societies; control of violence; and the Malagasy people’s expression of their economic and civic aspirations. However, three structural constraints hinder the country’s development. Firstly, social fragmentation, an atomised population and the atrophy of intermediary bodies foster a high concentration of power in the hands of a few elites who are neither compelled nor encouraged to develop a medium- or long-term vision and take the interests of the vast majority into consideration. Secondly, although the Malagasy people lay claim to democratic principles, they remain torn between the demands of democratic and meritocratic nature and the traditional values that impose respect for the real and symbolic hierarchies they have inherited from the past. Finally, although the policies promoted and sometimes imposed by international donors may have had some positive effects, they have also had a hugely negative impact on the State’s capacity to regulate society. |
| Keywords: | Economie politique; Elites; Croissance de long terme; structure sociale; Rentes; Violence; Political economy; Madagascar; Elite; long term growth; social structure; Rents; |
| JEL: | N37 N47 O55 Z13 |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:dau:papers:123456789/12014&r=his |
| By: | Manuel Portugal Ferreira (Instituto Politécnico de Leiria); Nuno Rosa Reis (Instituto Politécnico de Leiria); Fernando Ribeiro Serra (Uninove – Universidade Nove de Julho); Benny Kramer Costa (Uninove – Universidade Nove de Julho & Universidade de São Paulo) |
| Abstract: | International business (IB) research has evolved substantially over the past four decades incorporating new concerns and theoretical contributions. During the past two decades, the Resource-Based View (RBV) has gained the preference of many IB scholars and has gradually become one of the dominant theoretical perspectives for studying IB decisions and operations. The 1991 article “Firm resources and sustained competitive advantage” by Jay Barney is recognized as a fundamental contribution to the Resource-Based View (RBV). In this paper we assess the influence of the RBV, proxied by Jay Barney’s (1991) article, on IB research over the twenty years period, from 1991 to 2010. In this bibliometric study of the articles published in the leading journal for IB research – Journal of International Business Studies (JIBS) – we conduct citation and co-citation analyses, the networks of co-authorship, and delve into the analysis of the key research topics. Beyond understanding the extant research we also contribute to identifying future research avenues. |
| Keywords: | RBV, review, bibliometric study, International business research, research perspectives |
| JEL: | M0 M1 |
| Date: | 2013–09–29 |
| URL: | http://d.repec.org/n?u=RePEc:pil:wpaper:96&r=his |
| By: | Klein Goldewijk, Geertje; Jacobs, Jan (Groningen University) |
| Abstract: | Stature is increasingly popular among economic historians as a proxy for (biological) standard of living. Recently, researchers have started branching out from written sources to the study of stature from skeletal remains. Current methods for the reconstruction of stature from the skeleton implicitly assume fixed body proportions. We have tested these assumptions for a database containing over 10,000 individuals from the Roman Empire. As it turns out, they are false: the ratio of the length of the thigh bone to the length of the other long bones is significantly different from those implied in the most popular stature reconstruction methods. Therefore, we recommend deriving a proxy for living standards from long bone length instead of reconstructed stature. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:rugsom:13002-eef&r=his |
| By: | Ronald McKinnon (Asian Development Bank Institute (ADBI)); Zhao Liu |
| Abstract: | In the currency wars of the 1920s and 1930s, various nations fell off the gold standard and in so doing experienced deep devaluations. But under the postwar dollar standard, the central position of the US was key to maintaining the peace, until the Bretton Woods system of fixed dollar exchange parities fell apart after the so-called “Nixon Shock†of 1971. Now, without much fear of retaliation, the US can initiate more limited currency warfare—as with American “Japan bashing†from the late 1970s to mid-1990s to appreciate the yen, or “China bashing†since 2002 to appreciate the renminbi. Japan succumbed to this bashing, and the yen appreciated too much in 1985, with the result that Japan fell into a zero-interest liquidity trap and economic stagnation for almost two decades. However, in 2013, through massive quantitative easing by the Bank of Japan (BOJ), the yen depreciated about 25% against the dollar, stoking fears of a return to Japan bashing by the US. However, this sharp depreciation simply restored the purchasing power parity of the yen with the dollar so it should even out in the long run. In the short run, we show that yen depreciation could adversely affect the smaller East Asian economies. Since 2008, quantitative easing by the BOJ has been similar to that carried out by the US Federal Reserve, the Bank of England, and the European Central Bank. So the BOJ can only be faulted as a currency belligerent if there is a further significant yen depreciation. Led by the US, now all mature industrial countries are addicted to near-zero interest liquidity traps in both the short and long terms. These ultra low interest rates are causing lasting damage to the countries’ financial systems, and to those of emerging markets, which naturally have higher interest rates. But exiting from the trap creates a risk of chaos in long-term bond markets and is proving surprisingly difficult. |
| Keywords: | Currency wars, US, Japan, the Bretton Woods system, dollar standard, a zero-interest liquidity trap, ultra low interest rate |
| JEL: | F31 F32 |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:eab:financ:23714&r=his |
| By: | Vicard, Vincent; Lavallée, Emmanuelle |
| Abstract: | The fact that crossing a political border dramatically reduces trade flows has been widely documented in the literature. The increasing number of borders has surprisingly attracted much less attention. The number of independent countries has indeed risen from 72 in 1948 to 192 today. This paper estimates the effect of political disintegration since World War II on the measured growth in world trade. We first show that trade statistics should be considered carefully when assessing globalization over time, since the definition of trade partners varies over time. We document a sizeable resulting accounting artefact, which accounts for 17% of the growth in world trade since 1948. Second, we estimate that political disintegration alone since World War II has raised measured international trade flows by 9% but decreased actual trade flows (including inter-regional trade) by 4%. |
| Keywords: | Trade; Commerce; Frontières; Trade Statistics; Political Disintegration; Borders; |
| JEL: | N70 F02 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:dau:papers:123456789/3785&r=his |
| By: | Manuel Portugal Ferreira (Instituto Politécnico de Leiria); Fernando Ribeiro Serra (Uninove – Universidade Nove de Julho); Martinho Almeida (Universidade de São Paulo) |
| Abstract: | In this paper we examine the work by Peter Buckley and Mark Casson (1976), “The future of the multinational enterprise”, contribution to international business research. In this work, the Buckley and Casson conceptualized one of the foundational theories for International Business (IB) research in the past three decades: internalization theory. Our bibliometric study examines the entire track record of publications in the leading journal for IB research – Journal of International Business Studies (JIBS) – between 1976 and 2010, that cite Buckley and Casson’s 81976) work. The analyses of citations, co-citations and themes permit us analyze the impact of the Internalization theory, and of Buckley and Casson (1976) in specific, in IB research. Conceptually founded on the internalization theory for the study of multinational corporations and the internationalization of firms, the ramifications extend to several domains of the discipline and make this one of the most salient works of the past three decades. |
| Keywords: | internalization theory, multinational corporation, international business research, bibliometric study |
| JEL: | M0 M1 |
| Date: | 2013–09–29 |
| URL: | http://d.repec.org/n?u=RePEc:pil:wpaper:97&r=his |
| By: | Mário Graça Moura (Faculdade de Economia, Universidade do Porto e CEF.UP) |
| Abstract: | Abstract: This paper scrutinises Schumpeter’s conceptions of process and reproduced order. In order to facilitate a detailed understanding of his position, his work is examined from different angles, in three successive ‘approximations’. The coherence, or mismatch, of Schumpeter’s conceptions is subsequently discussed. The paper argues that Schumpeter’s essay on social classes provides an ontologically grounded theory of process which is also a theory of reproduced order; and that this theory does not fit well with Schumpeter’s alternative conception of order as equilibrium. His methodological commitment to an orthodox notion of order as equilibrium is shown to be the source of pervasive tensions in his writings, here classified as ‘retroductive problems’ and ‘spurious problems’. |
| Keywords: | Schumpeter, methodology, ontology, critical realism |
| JEL: | B3 B4 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:por:fepwps:512&r=his |
| By: | Farjaudon, Anne-Laure; Morales, Jérémy |
| Abstract: | This article examines the role of accounting in the manufacture of consensus. Consensus building is often considered a central value for rational decision-making and management. However, more than a democratic confrontation of vantage points, the quest for consensus is a way to discourage conflict and resistance. Our main argument is that accounting and consensus play central roles in processes of definition and the social reproduction of dominant interests. Accounting acts to promote some stakes and strategies (and silence others), as if they were collective and disinterested, which makes them more powerful in debates that deny struggles and asymmetries in positions of power, as well as increases legitimacy by creating an illusion of participation. We illustrate these processes through a case study in which we document the intersection between two fields of knowledge, marketing and accounting, that compete for a monopoly on the definition of value and the ability to speak for the organisation. This analysis draws on Bourdieu's conceptualisation of symbolic domination to highlight how powerful actors secure influence while avoiding contestation. Accounting produces symbolic violence that consolidates asymmetries in positions of power by shaping what is consensual and what is not so that dominant interests are reproduced with the consent of those who have most to lose in the process. |
| Keywords: | Consensus; Symbolic domination; Brand valuation; Intellectual capital; Management control; |
| JEL: | M31 M41 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:dau:papers:123456789/10730&r=his |
| By: | Eric Tymoigne; L. Randall Wray |
| Abstract: | One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unencumbered by hard financial constraints. Through a detailed analysis of the institutions and practices surrounding the fiscal and monetary operations of the treasury and central bank of many nations, MMT has provided institutional and theoretical insights about the inner workings of economies with monetarily sovereign and nonsovereign governments. MMT has also provided policy insights with respect to financial stability, price stability, and full employment. As one may expect, several authors have been quite critical of MMT. Critiques of MMT can be grouped into five categories: views about the origins of money and the role of taxes in the acceptance of government currency, views about fiscal policy, views about monetary policy, the relevance of MMT conclusions for developing economies, and the validity of the policy recommendations of MMT. This paper addresses the critiques raised using the circuit approach and national accounting identities, and by progressively adding additional economic sectors. |
| Keywords: | Modern Money Theory; Price Stability; Full Employment; Financial Stability; Money |
| JEL: | B5 E10 E11 E12 E31 E42 E58 E6 F41 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:lev:wrkpap:wp_778&r=his |
| By: | Kirat, Thierry |
| Abstract: | Recent literature argues that legal traditions of nations, i.e. their belonging to the world of common law or civil law, are not neutral in terms of economic or institutional performance, especially with regard to key opportunities in developing countries out of poverty. We present the results of an exploratory exploitation of the “institutional profiles database” provided by DGTPE (French Ministry of Economy and Finance) and French Development Agency (survey 2009) supplemented by data on legal origin and other variables from La Porta et al. We highlight specificities of developing countries having inherited the French law (relative to those of English law). A reflection on political power and the state finds a strong contrast between the ideal-typical model of French law and the empirical findings. This contrast is consistent with the notion rather than real state in the former French colonies. |
| Keywords: | Colonisation; Pays en voie de développement; Influence française; Droit; |
| JEL: | O52 F54 B52 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:dau:papers:123456789/11440&r=his |
| By: | Lavallée, Emmanuelle; Lochard, Julie |
| Abstract: | The consequences on international trade of colonial rule have received an increasing attention. This paper investigates the effect of independence on trade with a focus on former French colonies. Thanks to an original dataset including data on pre-independence bilateral trade for former French colonies, we obtain more accurate results on the effect of independence on bilateral trade patterns. We show that that independence reduces trade (imports and exports) with the former metropole and that this effect is mainly driven by former French colonies. We also show that, after independence, trade (imports and exports) of all former colonies increase with the rest of the world (other countries not belonging to the same empire). |
| Keywords: | Trade; Decolonization; French Empire; |
| JEL: | F10 F54 |
| Date: | 2012–07 |
| URL: | http://d.repec.org/n?u=RePEc:dau:papers:123456789/9564&r=his |
| By: | Labardin, Pierre; Floquet, Mathieu |
| Abstract: | This paper uses personal records at Saint-Gobain to understand origins of internal careers of accountants at Saint-Gobain. It is shown emergence of this practices by presence of hierarchy between positions and internal promotion. The logic of career is explained both by the classical reasons proposed by economic literature (decrease of turnover and opportunism cost) and managerial decisions. Finally, it is argued that internal career is justified by individual management of employees’ needs. |
| Keywords: | carrière interne; comptable; Pratique de GRH; Internal career; Accountant; Personal Practices; |
| JEL: | J24 M12 |
| Date: | 2012–03 |
| URL: | http://d.repec.org/n?u=RePEc:dau:papers:123456789/8922&r=his |
| By: | Ould Ahmed, Pepita; Marques-Pereira, Jaime; Le Maux, Laurent; Desmedt, Ludovic; Blanc, Jerome; Théret, Bruno |
| Abstract: | The objective of this article is to identify the monetary plurality in economic theory. We will try to throw light on the way in which theories are attracted towards both unicity and plurality, and more specifically by unification and diversification of money. It should also be noted, in this respect, that the economics of money has undergone considerable development since the 1970s. A survey of the diverse theories, whether mainstream or not, static or dynamic, holistic or individualistic, will reveal the surprising amount of attention devoted to the problem of monetary unicity and/or plurality. We base our presentation on two lines of thought: -The first of these lines concerns a situation of general equilibrium, as opposed to theories giving place to the forms of disequilibrium and regime-crises. The general equilibrium theories usually see money as a financial asset and assume that it is neutral at least over the long term; theories of the second type, on the contrary, see money as a necessary condition for the development of trade, acknowledging that it influences the system of relative prices and consequently the dynamics of production. Thus money is presumed to be totally neutral (“super-neutral”) in the New Classical Economics in the manner of Lucas (1972, 1995) and in the New Monetary Economics initiated by Black (1970) and Fama (1980). On the contrary, it is not neutral according to neo-Mengerian approaches and to those that are neo-Marxist, Chartalist and post-Keynesian. -The second line of thinking revolves round the relationship between economic theories and the question of the unicity or plurality of money as a norm to be established. This relationship is often linked to the role assigned by the various approaches to finance. For example, the macroeconomics of the New Classical Economics school, in dealing with monetary “friction” within general equilibrium theory, maintains an approach that is largely “unitary”, seeking to integrate it into its framework. In this respect it opposes the financial views of the New Monetary Economics, that are based on a pluralist notion of money, aiming moreover to ensure that it could be dispensed it with the world of reality. Similarly, neo-Mengerian economists, who are pluralist and see financing as the heart of the proper organisation of money, are opposed to the unitarian approaches of Marxist, Chartalist and post-Keynesian economists. Our survey of contemporary theories will give rise to a typology of the forms of monetary unicity and plurality, framing a new reading of monetary theories. |
| Keywords: | École néo-classique d'économie politique; Économie politique; Économie monétaire; Monnaie; |
| JEL: | G0 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:dau:papers:123456789/11496&r=his |
| By: | Ciccone, Antonio (Universitat Pompeu Fabra); Peri, Giovanni (University of California) |
| Abstract: | We find that over the period 1950–1990, states in United States absorbed increases in the supply of schooling due to tighter compulsory schooling and child labor laws mostly through within-industry increases in the schooling intensity of production. Shifts in the industry composition towards more schooling-intensive industries played a less important role. To try and understand this finding theoretically, we consider a free trade model with two goods/industries, two skill types, and many regions that produce a fixed range of differentiated varieties of the same goods. We find that a calibrated version of the model can account for shifts in schooling supply being mostly absorbed through within-industry increases in the schooling intensity of production even if the elasticity of substitution between varieties is substantially higher than estimates in the literature. |
| Keywords: | human capital; skills; schooling; labor demand; United States |
| JEL: | E24 I20 J23 J24 |
| Date: | 2013–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbewp:0377&r=his |