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on History and Philosophy of Economics |
| By: | Chiswick, Barry R. (George Washington University) |
| Abstract: | This paper is a review of the literature in economics up to the early 1980s on the issue of estimating the earnings return to schooling and labor market experience. It begins with a presentation of Adam Smith's (1776) analysis of wage determination, with the second of his five points on compensating wage differentials being "the easiness or cheapness, or the difficulty and expense" of acquiring skills. It then proceeds to the analysis by Walsh (1935) estimating the net present value of investments at various levels of educational attainment. Friedman and Kuznets (1945) also used the net present value method to study the earnings in five independent professional practices. Based on the net present value technique, Becker (1964) estimates internal rates of return from high school and college/university schooling, primarily for native-born white men, but also for other demographic groups. The first regression-based approach is the development of the schooling-earnings function by Becker and Chiswick (1966), which relates the logarithm of earnings, as a linear function of years invested in human capital, with the application to years of schooling. This was expanded by Mincer (1974) to the "human capital earnings function" (HCEF), which added years of post-school labor market experience. Attractive features of the HCEF are discussed. Extensions of the HCEF in the 1970s and early 1980s account for interrupted labor marker experience, geographic mobility, and self-employment and unpaid family workers. |
| Keywords: | human capital, schooling earnings function, human capital earnings function, schooling, labor market experience, women, immigrants, less developed countries, self-employed, unpaid workers |
| JEL: | I24 I26 J3 J46 J61 O15 B29 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16668&r=hpe |
| By: | Olney, Martha |
| Keywords: | Arts and Humanities, University of California, Berkeley, 150 Years of Women, Economics |
| Date: | 2023–12–18 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:cshedu:qt3728q22t&r=hpe |
| By: | Blum, Bianca; Franke, Marcel; Malmberg, Elina; Neumärker, Bernhard; Weinel, Jette |
| Abstract: | This article presents and discusses New Ordoliberalism, implemented though the introduction of Universal Basic Income, as such an alternative approach within economic policy to handle the global challenges of the 21th century, like increasing inequality. New Ordoliberalism develops the basic ideas of traditional Ordoliberalism as well as constitutional economics further by considering both ex-ante aspects of justice on the constitutional level but also incorporates concepts of justice in the outcomes in the post-constitutional level. The article discusses New Ordoliberalism from a standpoint of a paradigm shift regarding normative assumptions in society, and presents applications of New Ordoliberalism and UBI within game theory and in a model comparing the individual utility of UBI with means-tested social security system. |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cenwps:280959&r=hpe |
| By: | Sebastian Gechert (Chemnitz University of Technology, FMM Fellow); Bianka Mey (Chemnitz University of Technology); Matej Opatrny (Charles University Prague); Tomas Havranek (Institute of Economic Studies, Faculty of Social Sciences, Charles University Prague, CEPR, London, Meta-Research Innovation Center at Stanford); T. D. Stanley (Department of Economics Deakin University, Meta-Research Innovation Center at Stanford); Pedro R. D. Bom (Deusto Business School, University of Deusto); Hristos Doucouliagos (Department of Economics, Deakin University, IZA Bonn); Philipp Heimberger (Vienna Institute for International Economic Studies (wiiw), FMM Fellow); Zuzana Irsova (Anglo-American University, Prague); Heiko J. Rachinger (Universitat de les Illes Balears, Mallorca) |
| Abstract: | Over the past several decades, meta-analysis has emerged as a widely accepted tool to understand economics research. Meta-analyses often challenge the established conventional wisdom of their respective fields. We systematically review a wide range of influential meta-analyses in economics and compare them to 'conventional wisdom'. After correcting for observable biases, the empirical economic effects are typically much closer to zero and sometimes switch signs. Typically, the relative reduction in effect sizes is 45-60%. |
| Keywords: | meta-analysis, systematic review, conventional wisdom |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:tch:wpaper:cep061&r=hpe |
| By: | Almelhem, Ali (World Bank); Iyigun, Murat (University of Colorado, Boulder); Kennedy, Austin (University of Colorado, Boulder); Rubin, Jared (Chapman University) |
| Abstract: | Using textual analysis of 173, 031 works printed in England between 1500 and 1900, we test whether British culture evolved to manifest a heightened belief in progress associated with science and industry. Our analysis yields three main findings. First, there was a separation in the language of science and religion beginning in the 17th century. Second, scientific volumes became more progress-oriented during the Enlightenment. Third, industrial works—especially those at the science-political economy nexus—were more progress-oriented beginning in the 17th century. It was therefore the more pragmatic, industrial works which reflected the cultural values cited as important for Britain's takeoff. |
| Keywords: | language, religion, science, political economy, progressiveness, Enlightenment, industrial revolution |
| JEL: | C81 C88 N33 N63 O14 Z11 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16674&r=hpe |
| By: | Apostolidis, Paul |
| Abstract: | This essay offers a new reading of Marx's chapter on ‘the working day’ in Capital Volume One by exploring the textual theme of night-time work. Even as Marx emphasises how the lengthening workday enables the super-exploitation of producers’ wage labour, his depictions of nocturnal experiences highlight more forcefully the destruction of workers’ reproductive resources, capacities and relationships. Night comes to represent the contracted time, condensed space, petrified relational bonds and thwarted desires for human reproduction in a free, fulsome sense that includes reinvigorating oneself, caring for others and enjoying experiences apart from work or care. Night's role as a privileged signifier and catalyst of these changes comes through in key passages about women, children and vampires, and in theoretically meaningful variances between Marx's German paraphrasing of English sources and those original texts, which replace Marx's phrases in English translations of Capital. Contemplating Marx's ambivalent reflections on legal-political action to limit workday hours, I argue for making struggles over social reproduction in a capacious sense central to working-class politics today. I demonstrate the power of this Marxian analytic by considering the compression of social-reproductive time among today's microworkers, who fuel the digital economy by performing platform-based ‘tasks’ at all hours for very low wages. |
| Keywords: | Capital; Karl Marx; microwork; night labour; social reproduction; working day; Sage deal |
| JEL: | R14 J01 |
| Date: | 2023–12–19 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:120843&r=hpe |