Robert Topel tackled the topic of income inequality in a Becker Brown Bag lecture to Chicago Booth MBA students, breaking down his research findings that interrogate the correlation between technology advancements, human capital investment, and economic growth. If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
Views: 2007 Becker Friedman Institute at UChicago - BFI
In our previous macroeconomics video, we said that the accumulation of physical capital only provides a temporary boost to economic growth. Does the same apply to human capital? To answer that, consider this: what happens to all new graduates, in the end? For a while, they’re productive members of the economy. Then age takes its toll, retirement rolls around, and eventually, the old workforce is replaced with a new infusion of people. But then, the cycle restarts. You get a new workforce, everyone’s productive for a while, and then they too retire. Does this ring a bell? It should, because this is similar to the depreciation faced by physical capital. Similarly, are there diminishing returns to education? It likely wouldn’t pay off for everyone to have a PhD, or for everyone to master Einstein’s great theories. That means the logic of diminishing returns, and the idea of a steady state, also applies to human capital. So, now we can revise our earlier statement. Now we can say that the accumulation of any kind of capital, only provides a temporary boost in economic growth. This is because all kinds of capital rust. So, one way or another, we’ll reach a point where new investments can only offset depreciation. It’s the steady state, all over again. However, what does the journey to steady state look like? The Solow model predicts that poor countries should eventually catch up to rich countries, especially since they’re growing from a lower base. And given their quicker accumulation of capital, poorer nations should also grow faster, than their more developed neighbors. And eventually, every country should reach similar steady states. In other words, we would see growth tracks that all eventually converge. So, why isn’t this always the case? Why, in some cases, are we seeing “Divergence, Big time,” as coined by economist Lant Pritchett? The answer to these questions, lies in the institutions of different countries and the incentives they create. Assuming that a certain set of countries do have similar institutions, that’s where we see the convergence predicted by the Solow model. We see that poorer countries do grow faster than their richer counterparts. And conditional on having similar institutions, eventually, even poorer countries will reach a similar steady state of output as more developed nations. We call this phenomenon conditional convergence. You can think of it as a national game of catch-up, with catch-up only happening if institutions don’t differ. What happens though, once all this catching up is done? Let’s not forget that there’s still another variable in the Solow model. This is variable A: ideas -- the subject of our next video. There, we’ll show you how ideas can keep a country moving along the cutting edge of growth. Catch up on the Solow model: Introduction to the Solow model: http://bit.ly/1SMud3G Physical Capital and Diminishing Returns: http://bit.ly/1SpLT31 The Solow Model and the Steady State: http://bit.ly/233vDGw Office Hours video on the Solow model: http://bit.ly/1VQ8XLe Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8 Macroeconomics Course: http://bit.ly/1R1PL5x Ask a question about the video: http://bit.ly/1NwAtKJ Next video: http://bit.ly/1SHvrdp Help us caption & translate this video! http://amara.org/v/IR1M/
Views: 132046 Marginal Revolution University
Economics of Development course at Cardiff Business School 2018/19 (Spring Semester). Follow course page for updates: http://hanomics.com/bs3573 Lecture 4: Human Capital Feb 21 2019 %------------------------------------------------- Human Capital: - sum total of a people's health, education, skills, knowledge, experience, and habits - individuals invest in themselves to improve their own, personal economic returns - governments less interested in investing in human capital - HCI by World bank Oct. 2018 from 0 to 1 %------------------------------------------------- Education: - literature proxied human capital with measures of schooling - schooling does not necessarily mean learning - harmonised learning outcome HLO by World Bank [using learning exchange rate] - flipped gender gap [enrolment vs learning] %------------------------------------------------- Learning and Economic Growth - learning is more strongly associated with growth - sweet spot ( Angrist et al 2019) * investment in human capital is most associated with growth as countries move from the bottom to upper end of middle income status * weak effects at the lowest end of the distribution * human capital is a necessary but not sufficient condition for growth [institutions] %-------------------------------------------------
Views: 120 Hanomics
✪✪✪✪✪ WANT VIDEO LIKE THIS ONE? ORDER IT HERE FROM INDUSTRY EXPERTS - http://bit.ly/2Uxpg5X ✪✪✪✪✪ ✪✪✪✪✪ The Audiopedia Android application, INSTALL NOW - https://play.google.com/store/apps/details?id=com.wTheAudiopedia_8069473 ✪✪✪✪✪ What is HUMAN CAPITAL? What does HUMAN CAPITAL mean? HUMAN CAPITAL meaning - HUMAN CAPITAL pronunciation - HUMAN CAPITAL definition - HUMAN CAPITAL explanation - How to pronounce HUMAN CAPITAL? Human capital is a term popularized by Gary Becker an economist from the University of Chicago and Jacob Mincer that refers the stock of knowledge, habits, social and personality attributes, including creativity, embodied in the ability to perform labor so as to produce economic value. Alternatively, Human capital is a collection of resources—all the knowledge, talents, skills, abilities, experience, intelligence, training, judgment, and wisdom possessed individually and collectively by individuals in a population. These resources are the total capacity of the people that represents a form of wealth which can be directed to accomplish the goals of the nation or state or a portion thereof. It is an aggregate economic view of the human being acting within economies, which is an attempt to capture the social, biological, cultural and psychological complexity as they interact in explicit and/or economic transactions. Many theories explicitly connect investment in human capital development to education, and the role of human capital in economic development, productivity growth, and innovation has frequently been cited as a justification for government subsidies for education and job skills training. "Human capital" has been and continues to be criticized in numerous ways. Michael Spence offers signaling theory as an alternative to human capital. Pierre Bourdieu offers a nuanced conceptual alternative to human capital that includes cultural capital, social capital, economic capital, and symbolic capital. These critiques, and other debates, suggest that "human capital" is a reified concept without sufficient explanatory power. It was assumed in early economic theories, reflecting the context, i.e., the secondary sector of the economy was producing much more than the tertiary sector was able to produce at the time in most countries – to be a fungible resource, homogeneous, and easily interchangeable, and it was referred to simply as workforce or labor, one of three factors of production (the others being land, and assumed-interchangeable assets of money and physical equipment). Just as land became recognized as natural capital and an asset in itself, human factors of production were raised from this simple mechanistic analysis to human capital. In modern technical financial analysis, the term "balanced growth" refers to the goal of equal growth of both aggregate human capabilities and physical assets that produce goods and services. The assumption that labour or workforces could be easily modelled in aggregate began to be challenged in 1950s when the tertiary sector, which demanded creativity, begun to produce more than the secondary sector was producing at the time in the most developed countries in the world. Accordingly, much more attention was paid to factors that led to success versus failure where human management was concerned. The role of leadership, talent, even celebrity was explored. Today, most theories attempt to break down human capital into one or more components for analysis – usually called "intangibles". Most commonly, social capital, the sum of social bonds and relationships, has come to be recognized, along with many synonyms such as goodwill or brand value or social cohesion or social resilience and related concepts like celebrity or fame, as distinct from the talent that an individual (such as an athlete has uniquely) has developed that cannot be passed on to others regardless of effort, and those aspects that can be transferred or taught: instructional capital. Less commonly, some analyses conflate good instructions for health with health itself, or good knowledge management habits or systems with the instructions they compile and manage, or the "intellectual capital" of teams – a reflection of their social and instructional capacities, with some assumptions about their individual uniqueness in the context in which they work. In general these analyses acknowledge that individual trained bodies, teachable ideas or skills, and social influence or persuasion power, are different.
Views: 17702 The Audiopedia
Basic overview of capital and human capital. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/investment-vehicles-tutorial/investment-consumption/v/return-on-capital?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/investment-vehicles-tutorial/investment-consumption/v/risk-and-reward-introduction?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: When are you using capital to create more things (investment) vs. for consumption (we all need to consume a bit to be happy). When you do invest, how do you compare risk to return? Can capital include human abilities? This tutorial hodge-podge covers it all. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 74105 Khan Academy
http://www.weforum.org/ A nation's human capital endowment - the skills and capacities that reside in people and that are put to productive use - can be a more important determinant of long term economic success than virtually any other resource. The Human Capital Report details the findings of a new Index which measures countries on their ability to develop and deploy healthy, educated and able workers through four distinct pillars: Education, Health & Wellness, Workforce & Employment and Enabling Environment.
Views: 20585 World Economic Forum
In a time of change for America's health care system, the future of our nation's health depends on investment in innovative, diverse and inspired people who help improve health and health care for everyone. The RWJF Human Capital programs invest today in the people who will shape health and health care research, policy and delivery for years to come.
Views: 2433 Robert Wood Johnson Foundation
Why are some countries rich? Why are some countries poor? In the end it comes down to Productivity. This week on Crash Course Econ, Adriene and Jacob investigate just why some economies are more productive than others, and what happens when an economy is mor productive. We'll look at how things like per capita GDP translate to the lifestyle of normal people. And, there's a mystery. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Jan Schmid, Simun Niclasen, Robert Kunz, Daniel Baulig, Jason A Saslow, Eric Kitchen, Christian, Beatrice Jin, Anna-Ester Volozh, Eric Knight, Elliot Beter, Jeffrey Thompson, Ian Dundore, Stephen Lawless, Today I Found Out, James Craver, Jessica Wode, Sandra Aft, Jacob Ash, SR Foxley, Christy Huddleston, Steve Marshall, Chris Peters Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 928958 CrashCourse
Excited to share video lectures from the brightest students at IIT & Delhi University. Learner (www.learner.in) is India's largest platform where Students TEACH Students. Download App at http://bit.ly/2l3zRzq and call us at 011-41082172 to get access code. Lectures based on CBSE syllabus, NCERT Pattern for Class 9th to 12th. Download app from http://app.learner.in or visit website at http://www.learner.in to get more videos, notes & questions.
Views: 31649 learner.in
President of the World Bank Group, Jim Yong Kim, discusses strategies for promoting sustainable, inclusive economic growth, including the Bank Group’s newest initiative, the Human Capital Project, and how investing in people is imperative to maintaining stability and building equality of opportunity. Subscribe to our channel: https://goo.gl/WCYsH7 The Council on Foreign Relations (CFR) is an independent, nonpartisan membership organization, think tank, and publisher. Visit the CFR website: http://www.cfr.org Follow CFR on Twitter: http://www.twitter.com/cfr_org Follow CFR on Facebook: https://www.facebook.com/councilonforeignrelations/
Views: 1857 Council on Foreign Relations
The Human Capital Project is a new, global effort to accelerate more and better investments in people for greater equity and economic growth. Why should countries invest in human capital? Can early health care and education prepare children to succeed and prosper as adults in a rapidly changing world? What are the barriers to nurturing human capital and what are countries doing to overcome them? Join a conversation with the World Bank’s Vice President for Human Development, Annette Dixon to find out how the World Bank, countries, and partners are working together to close the massive human capital gap in the world today. Learn about the critical role of investing in people’s education, health, and resilience to build human capital and drive economic growth. In discussion with Financial Times Global Education Editor Andrew Jack. @GESForum @VarkeyFdn
Views: 41 Global Education & Skills Forum
In a panel moderated by Lars Peter Hansen, Edward Glaeser, Claudia Goldin and Robert Lucas Jr. reflect on how Gary Becker’s work to understand the development of human capital shaped the research agenda in that vein for decades to come. If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
Views: 1896 Becker Friedman Institute at UChicago - BFI
Development Economics course: http://mruniversity.com/courses/development-economics-0 Ask a question about the video: http://mruniversity.com/courses/development-economics/education-and-economic-growth#QandA Next video: http://mruniversity.com/courses/development-economics/education-east-asia
Views: 5521 Marginal Revolution University
Human capital is essential to inclusive economic growth and wellbeing. Building human capital is, therefore, critical for all countries at all income levels to compete in the economy of the future. Countries around the world are increasing taking action on this, with the number of Human Capital countries increasing from 28 to over 60 since the launch of the Human Capital Project (HCP) six months ago. The event kicked off with a video titled the Future is You, followed by a discussion and Q&A with World Bank’s CEO Kristalina Georgieva, Paraguay’s Minister of Finance Benigno Lopez, New Zealand’s Minister of Finance Grant Robertson, Dangote Foundation’s CEO Zouera Youssoufou, and was moderated by the BBC’s Michelle Fleury. The discussion focused on creating the right conditions to move the needle on more and better investments in people, women’s economic empowerment as a key driver of economic growth, investing in a child’s first 1,000 days through health, nutrition, and early education, as well as involving the private sector and civil society in service delivery and building the workforce of tomorrow. Panelists stressed that elevating human capital should not be seen as an expenditure for ministers, but rather an investment, with the HCP serving as a toolkit for countries to make the most impactful investments in their people.
Views: 4750 World Bank Live
Recently the seeming permanence of the rise of earnings inequality has motivated policy proposals to mitigate its impact, including more progressive income taxation, wealth and inheritance taxes, and pay regulation. In this UnCommon Core, economist Kevin Murphy argues that most of these treat the symptom rather than the disease. Instead he suggests a focus on the supply side, where the human capital choices of individuals and families affect the skill composition of the labor force. ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: A destination for inquiry, research, and education, the University of Chicago empowers scholars to challenge conventional thinking. Our diverse community of creative thinkers celebrates ideas, and is celebrated for them. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-home News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected]
Views: 3959 The University of Chicago
Impact of Foreign Direct Investment and Human Capital on Economic Growth: An Empirical Study from India - Md Arqam V.K, MSc Economics from Pondicherry Central University. My Facebook Page: https://www.facebook.com/groups/vaniyambadi.edu/
Views: 826 Md Arqam
Effect of Government Human Capital Investment on Economic Growth in Sub-Saharan Africa Evidence from Nigeria, South Africa and Ghana (1980-2013)
Views: 49 Research Media
Human capital assets development is one of the priorities of state policy in Russia. In 2016, "social" expenditure items in the budget of the enlarged government accounted for about 20% of GDP or more than 54% of expenses of the budgets of all levels. Nevertheless, nowadays the level of human capital development in Russia is lower than in developed countries. A significant negative impact is made by low level of health of Russians, as well as the insufficient degree of social integration and mobility of society, especially among socially vulnerable categories of the population. Certain improvements are also possible in the field of education, labor market regulation, migration and other issues. As a result, the improvement of these areas may become a new source of Russia's economic growth. Discussion issues: human capital assets and economic growth: cause and effect; Priority areas of public investment in human capital assets; Pension system: how to secure a dignified retirement; Social support system: a burden or a source of economic growth; Areas of future health care reforms; Education: past, present, prospects. As a part of the panel session, the award ceremony for laureates in the following nominations will be held: - Young professionals.
Views: 15 Московский финансовый форум
Does investing in your employees and developing high level skills set pay off for businesses? We delve into the issue of skill development in the logistics and fleet management space & how Cartrack is enabling and training its stuff in telematics and how MAN Trucks is teaching drivers about technic and skill. Joining CNBC Africa's David Williams for this discussion are Juan Marais, Sales Director at Cartrack and Dean Temlett, Projects Manager, MAN Trucks.
Views: 738 CNBCAfrica
GARY BECKER This the nineteenth and final lecture in the "Lectures on Human Capital" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are from ECON 343 - Human Capital, a class taught every year by Gary Becker at the University of Chicago. In this class, Becker expounds upon the theory of Human Capital that he helped create and for which he won the Nobel Prize. Please see attached lecture notes, video annotations, and reading list for more information. --- Professor Becker presents a model that studies the interaction between fertility and human capital investment. His model is a rational choice one in which parents choose to spend their income in consumption, number of children, and human capital per child. He explains how parents' make their decisions and explain how the shadow prices of the choice variables involved in this problem span a convex budget constraint. Professor Becker explains why the value of time has grown as countries have developed and how this has to do with the endogeneity of the shadow prices of the choice variables. Key concepts: convex budget constraint, endogenous prices, fertility, human capital investment, shadow prices. Main discussions: • The entire lecture is crucial because is a very big theme to be developed in just one class. Main quotes: • "Over time, as countries have developed, human capital went up and so did the value of time". • "As countries begin to grow, their fertility goes down a lot. It's amazing that within such a short period of time, you could see such dramatic changes in such a fundamental decision -- how many children to have... 45% of the world's population now lives in a country with below replacement fertility." References: • Salvador Navarro Lozano. Notes on Gary Becker's Human Capital and the Economy. pp. 25-29. • Chapter 4: The Demand for Children in Becker Gary. A Treatise on the Family. Enlarged ed. pp. 135-178. -- Lecture Notes: https://mindonline.uchicago.edu/media/ssd/econ/becker/Lecture_Notes-Human_Capital.pdf Reading List: https://mindonline.uchicago.edu/media/ssd/econ/becker/Sp2007readinglist.pdf Video Annotations: https://mindonline.uchicago.edu/media/ssd/econ/becker/Annotations_to-videos-Human_Capital.pdf ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: A destination for inquiry, research, and education, the University of Chicago empowers scholars to challenge conventional thinking. Our diverse community of creative thinkers celebrates ideas, and is celebrated for them. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-home News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected]
Views: 3150 The University of Chicago
For students at Martin Gustafsson's and Thabo Mabogoane's economics of education course offered to education planners at the School of Education in the University of the Witwatersrand.
Views: 8202 Martin Gustafsson
Human capital is the largest component of global wealth and investing strategically in people is strongly linked to productivity and national economic growth. Investing in people's health, nutrition, education, resilience, and jobs, is clearly both the right and smart thing to do. That’s why the World Bank Group has launched the Human Capital Project, an accelerated effort to help countries invest more and better in their people. *** Photo credits: Ubirajara Machado / MDS Ana Nascimento / MDS Dominic Chavez / International Finance Corporation Arne Hoel / World Bank Allison Kwesell / World Bank Tran Thi Hoa / World Bank Curt Carnemark / World Bank Dana Smillie / World Bank Rama George-Alleyne / World Bank Jim Pickerell / World Bank Charlotte Kesl / World Bank Stephan Gladieu / World Bank Chhor Sokunthea / World Bank
Views: 603 World Bank
11th Economics :-Human Capital Formation, Indian Economy Notes Website : http://www.iamtopper.com ►Like Us on Facebook https://www.facebook.com/iatclasses ►Follow us on Twitter https://twitter.com/iatClasses ►Follow us on Instagram. https://www.instagram/.comiatclasses ►Education News : https://www.indianeducationinfo.com/ ►Hire Tutors: https://www.suggestmeteacher.com/ For Exam Questions go to http://www.ravikashyapsir.com/ For Education News go to http://www.mysteacher.com/ This Lecture Covers: 1. What we mean by Human Capital Formation 2. Need for recolonization of Human Capital Formation 3. What is the difference between Human Capital and Physical Capital 4. How to Account for Human Capital Formation. 5. What are the Sources of Human Capital Formation 6. What are the Determinants of Human Capital Formation. 7. How to remember the determinants of Human Capital Formation 8. What are the Problems facing Human Capital Formation is facing in India You can Ask your Queries here or on our Facebook Page For quesries contact on facebook https://www.facebook.com/Ravikumar742/ To Download Notes and Assignments mentioned in the video, website;-www.ravikashyapsir.com
Views: 74947 IAT CLASSES : Run By Ravi Kashyap Sir
Kevin M. Murphy is the George J. Stigler Distinguished Service Professor of Economics at the University of Chicago Booth School of Business. His presentation titled, "Income Inequality, Human Capital and Economic Growth," examines the causes of income inequality growth, the economics behind the rise in income inequality and what it tells us about the forces driving modern labor market outcomes.
Views: 164 Show-Me Institute
Thailand’s most important resource is its people. Investing in people, its human capital, is key to reducing inequality. Creating equal opportunities will not only trigger economic growth, but also help people, families and Thailand prosper. #EndPoverty
Views: 273 World Bank
Here's a quick growth conundrum, to get you thinking. Consider two countries at the close of World War II—Germany and Japan. At that point, they've both suffered heavy population losses. Both countries have had their infrastructure devastated. So logically, the losing countries should’ve been in a post-war economic quagmire. So why wasn't that the case at all? Following WWII, Germany and Japan were growing twice, sometimes three times, the rate of the winning countries, such as the United States. Similarly, think of this quandary: in past videos, we explained to you that one of the keys to economic growth is a country's institutions. With that in mind, think of China's growth rate. China’s been growing at a breakneck pace—reported at 7 to 10% per year. On the other hand, countries like the United States, Canada, and France have been growing at about 2% per year. Aside from their advantages in physical and human capital, there's no question that the institutions in these countries are better than those in China. So, just as we said about Germany and Japan—why the growth? To answer that, we turn to today's video on the Solow model of economic growth. The Solow model was named after Robert Solow, the 1987 winner of the Nobel Prize in Economics. Among other things, the Solow model helps us understand the nuances and dynamics of growth. The model also lets us distinguish between two types of growth: catching up growth and cutting edge growth. As you'll soon see, a country can grow much faster when it's catching up, as opposed to when it's already growing at the cutting edge. That said, this video will allow you to see a simplified version of the model. It'll describe growth as a function of a few specific variables: labor, education, physical capital, and ideas. So watch this new installment, get your feet wet with the Solow model, and next time, we'll drill down into one of its variables: physical capital. Helpful links: Puzzle of Growth: http://bit.ly/1T5yq18 Importance of Institutions: http://bit.ly/25kbzne Rise and Fall of the Chinese Economy: http://bit.ly/1SfRpDL Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8 Macroeconomics Course: http://bit.ly/1R1PL5x Ask a question about the video: http://bit.ly/1RxdLDT Next video: http://bit.ly/1RxdSzo Help us caption & translate this video! http://amara.org/v/IHQj/
Views: 317062 Marginal Revolution University
Subject: Mass Communication and Journalism Course Name: Public Relations/Corporate Communication Keyword: Swayamprabha
Views: 1634 Ch-05 Social Science - III
The #HumanCapital of all children fuels the prosperity of their generation and that of the global economy. That is why building human capital is a project for the world. Find out how we are helping: http://wrld.bg/yQVo30mbLmQ #InvestInPeople
Views: 538143 World Bank
GARY BECKER This the first lecture in the "Lectures on Human Capital" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are from ECON 343 - Human Capital, a class taught every year by Gary Becker at the University of Chicago. In this class, Becker expounds upon the theory of Human Capital that he helped create and for which he won the Nobel Prize. Please see attached lecture notes, video annotations, and reading list for more information. --- Professor Becker introduces the course objectives and discusses the main themes covered in his class. The main course subjects covered in the study of Human Capital are: investments in education in an altruistic model, trade-offs between human capital and physical capital investments, intergenerational income mobility, investments in health, marriage markets, fertility, on the job training, specialization and the division of labor, and the division of labor and the extent of the economy. He defines human capital as special because it is inextricably linked to a human being and cannot be separated from her; the "capital" component comes because human capital like physical capital is durable. Becker establishes the main conceptual and practical similarities (i.e. economic return, depreciation, etc.) and differences (i.e. transferability, liquidity, etc.) and similarities between human and physical capital. In this lecture, Becker establishes how he conceives of the study of Human Capital. He says that it is a subject of Economics that ties together micro and macroeconomics. The micro element comes from the link between parents and their children and the macro element because of how human capital is a main determinant of economic growth. Key concepts: altruism with differences in ability, division of labor, education in an altruistic model, fertility, human capital, intergenerational income mobility, investments in health, marriage markets, physical capital, specialization and the division of labor. Main discussions: • Lecture 1, (11:50-13:05): Professor Becker discusses how human capital is involved in the more microeconomic aspects of economic behavior within the family and in the more macroeconomic aspects of economic development. • Lecture 1, (14:45-21:15): Professor Becker explains one of the concepts that he reinforces throughout his class: the complementary between different forms of human capital and its implications. • Lecture 1, (31:35-1:06:00): Professor Becker draws the main similarities and differences between human and physical capitals. Main quotes: • "(...) we'll try to show how by starting at the Micro we can build up a better understanding of what's going to happen at the Macro [level]". References: • Chapter II, Section 1: Human Capital Revisited in Becker, Gary. 1974. Human Capital. Third ed. pp. 15-25. • Salvador Navarro Lozano. Notes on Gary Becker's Human Capital and the Economy. pp. 5-6. -- Lecture Notes: https://mindonline.uchicago.edu/media... Reading List: https://mindonline.uchicago.edu/media... Video Annotations: https://mindonline.uchicago.edu/media... ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: A destination for inquiry, research, and education, the University of Chicago empowers scholars to challenge conventional thinking. Our diverse community of creative thinkers celebrates ideas, and is celebrated for them. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-home News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected]
Views: 42616 The University of Chicago
Economic Growth, standard of living, Technological change, capital accumulation, human capital, scarcity Just a video on economic growth and what causes it :) Microeconomics - 15: Those two other graphs from last "More on allocative efficiency!": http://www.youtube.com/watch?v=6AegAN7Fzdk Microeconomics - 17: Gains from trade: http://www.youtube.com/watch?v=9yOfT-wjhZE **Please leave a comment, rate, and subscribe!
Views: 7671 CourseHack
Remember our simplified Solow model? One end of it is input, and on the other end, we get output. What do we do with that output? Either we can consume it, or we can save it. This saved output can then be re-invested as physical capital, which grows the total capital stock of the economy. There's a problem with that, though: physical capital rusts. Think about it. Yes, new roads can be nice and smooth, but then they get rough, as more cars travel over them. Before you know it, there are potholes that make your car jiggle each time you pass. Another example: remember the farmer from our last video? Well, unless he's got some amazing maintenance powers, in the end, his tractors will break down. Like we said: capital rusts. More formally, it depreciates. And if it depreciates, then you have two choices. You either repair existing capital (i.e. road re-paving), or you just replace old capital with new. For example, you may buy a new tractor. You pay for these repairs and replacements with an even greater investment of capital. We call the point where investment = depreciation the steady state level of capital. At the steady state level, there is zero economic growth. There's just enough new capital to offset depreciation, meaning we get no additions to the overall capital stock. A further examination of the steady state can help explain the growth tracks of Germany and Japan at the close of World War II. In the beginning, their first few units of capital were extremely productive, creating massive output, and therefore, equally high amounts available to be saved and re-invested. As time passed, the growing capital stock created less and less output, as per the logic of diminishing returns. Now, if economic growth really were just a function of capital, then the losers of World War II ought to have stopped growing once their capital levels returned to steady state. But no, although their growth did slow, it didn't stop. Why is this the case? Remember, capital isn't the only variable that affects growth. Recall that there are still other variables to tinker with. And in the next video, we'll show two of those variables: education (e) and labor (L). Together, they make up our next topic: human capital. Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8 Macroeconomics Course: http://bit.ly/1R1PL5x Ask a question about the video: http://bit.ly/23B5u4b Next video: http://bit.ly/1Sdlrvx Help us caption & translate this video! http://amara.org/v/IM5L/
Views: 272007 Marginal Revolution University
Immigration to wealthy countries has risen sharply in the last 40 or 50 years. What’s more, the skill composition of this new wave of immigrants is also on the rise. Isaac Ehrlich presented research seeking to explain these patterns. If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
Views: 386 Becker Friedman Institute at UChicago - BFI
Chapter 5 | Economics | Human Capital Formation | Importance / Role of Capital Formation | Part 4, Introduction, 00:00:08 - 00:00:25, Importance of Human Capital Formation, Effective Use of Physical Capital, Highly productivity and production, Inventions , Innovations and Technological Improvements , Modernization of Attributes, Increases life Expectancy, Improves Quality of life, Control of Population Growth, 00:00:25 - 00:04:04, Problems of Human Capital Formation, Insufficient Resources, Brain Drain, High Growth of Population, Several Imbalances, Lack of Proper Man Power and Technology, Weak Science and Technology , 00:04:04 - 00:06:44, Human Capital and Human Development , 00:06:44 - 00:08:29, Videos by Edupedia World(www.edupediaworld.com), Online Education, Click on (https://www.youtube.com/playlist?list=PLJumA3phskPEMUx8BE3D2Fnc3NlmHa0uq) for more Videos, All Rights Reserved.
Views: 769 Edupedia World
Throughout this section of the course, we’ve been trying to solve a complicated economic puzzle—why are some countries rich and others poor? There are various factors at play, interacting in a dynamic, and changing environment. And the final answer to the puzzle differs depending on the perspective you're looking from. In this video, you'll examine different pieces of the wealth puzzle, and learn about how they fit. The first piece of the puzzle, is about productivity. You'll learn how physical capital, human capital, technological knowledge, and entrepreneurs all fit together to spur higher productivity in a population. From this perspective, you'll see economic growth as a function of a country's factors of production. You’ll also learn what investments can be made to improve and increase these production factors. Still, even that is too simplistic to explain everything. So we'll also introduce you to another piece of the puzzle: incentives. In previous videos, you learned about the incentives presented by different economic, cultural, and political models. In this video, we'll stay on that track, showing how different incentives produce different results. As an example, you'll learn why something as simple as agriculture isn't nearly so simple at all. We'll put you in the shoes of a hypothetical farmer, for a bit. In those shoes, you'll see how incentives can mean the difference between getting to keep a whole bag of potatoes from your farm, or just a hundredth of a bag from a collective farm. (Trust us, the potatoes explain a lot.) Potatoes aside, you're also going to see how different incentives shaped China's economic landscape during the “Great Leap Forward” of the 1950s and 60s. With incentives as a lens, you'll see why China's supposed leap forward ended in starvation for tens of millions. Hold on—incentives still aren’t the end of it. After all, incentives have to come from somewhere. That “somewhere” is institutions. As we showed you before, institutions dictate incentives. Things like property rights, cultural norms, honest governments, dependable laws, and political stability, all create incentives of different kinds. Remember our hypothetical farmer? Through that farmer, you'll learn how different institutions affect all of us. You'll see how institutions help dictate how hard a person works, and how likely he or she is to invest in the economy, beyond that work. Then, once you understand the full effect of institutions, you'll go beyond that, to the final piece of the wealth puzzle. And it's the most mysterious piece, too. Why? Because the final piece of the puzzle is the amorphous combination of a country’s history, ideas, culture, geography, and even a little luck. These things aren't as direct as the previous pieces, but they matter all the same. You'll see why the US constitution is the way it is, and you'll learn about people like Adam Smith and John Locke, whose ideas helped inform it. And if all this talk of pieces makes you think that the wealth puzzle is a complex one, you’d be right. Because the truth is, the question of “what creates wealth?” really is complex. Even the puzzle pieces you'll learn about don't constitute every variable at play. And as we mentioned earlier, not only are the factors complex, but they're also constantly changing as they bump against each other. Luckily, while the quest to finish the wealth puzzle isn’t over, at least we have some of the pieces in hand. So take the time to dive in and listen to this video and let us know if you have questions along the way. After that, we'll soon head into a new section of the course: we’ll tackle the factors of production so we can further explore what leads to economic growth. Macroeconomics Course: http://bit.ly/1R1PL5x Ask a question about the video: http://bit.ly/1QEPrQ3 Next video: http://bit.ly/1WJe2Bw Help us caption & translate this video! http://amara.org/v/HrHZ/
Views: 144170 Marginal Revolution University
Human capital a key driver of economic growth, ending extreme poverty and creating more inclusive societies. That is why investing in people is our collective duty. Hear some of the world’s leading voices on human capital share their views on why investments in nutrition, quality health care, education, jobs and skills are critical.
Views: 1988 World Bank
The relationship between education, jobs and economic growth is the focus of the Developing Human Capital Conference taking place November 17 and 18 in Phoenix. Conference speaker Dr. Michael Mandelbaum discusses his recently published book titled "That Used to Be Us: How America Fell Behind in the World It Invented and How We Can Come Back", and what it says about the ties between education and economic security.
Views: 2251 Arizona PBS
Earlier this week, Chief Minister Punjab Shehbaz Sharif participated in Panel Discussion with World Bank delegation. The topic under discussion wad educational reforms brought in Punjab by Shehbaz administration. He threw light on the importance of technical/vocational education and the contribution made by Punjab Government in this regard. Women Empowerment Earlier this week, Chief Minister Punjab Shehbaz Sharif participated in Panel Discussion with World Bank delegation. The topic under discussion wad educational reforms brought in Punjab by Shehbaz administration. He threw light on the importance of technical/vocational education and the contribution made by Punjab Government in this regard. Women Empowerment
Views: 209 Shehbaz Sharif
Recently the seeming permanence of the rise of earnings inequality has motivated policy proposals to mitigate its impact, including more progressive income taxation, wealth and inheritance taxes, and pay regulation. In this UnCommon Core, economist Kevin Murphy argues that most of these treat the symptom rather than the disease. Instead he suggests a focus on the supply side, where the human capital choices of individuals and families affect the skill composition of the labor force.
Views: 175 Becker Friedman Institute at UChicago - BFI
Uganda: Investing in Human Capital for Economic Stability and Growth Rajakumari Jandhyala, President and Chief Executive Officer YAATRA Ventures
Views: 272 CommDev
Endogenous growth theory has redefined the concept of economic growth. It assumes that the long-run rate of growth is primarily determined by endogenous variables that are internal to the system, such as human capital, innovation and investment capital; rather than exogenous factors where technological and scientific process are independent of economic forces. Accordingly, population growth and innovation have more impact on growth than physical capital.Endogenous growth theory emerged in the 1980s, as a conceptual framework that could challenge neo-classical growth theory. It aimed to explain how differences in wealth between developed and underdeveloped countries could persist, if investment in physical capital like infrastructure is subject to diminishing returns. Such differences should disappear over time, if productivity growth is determined exogenously by factors outside its control, as neo-classical models assume.Endogenous models assume that the key determinants of economic growth are population growth and the accumulation of human capital and knowledge. In a knowledge-based economy, supported by robust intellectual property rights, there are no diminishing returns to capital accumulation thanks to positive spillover effects from investment in technology and people. Productivity growth is determined by differences in spending on R&D and education in endogenous models. And this feeds back into faster technological progress. In other words, superior economic growth can be cultivated. The reasons some countries grow faster than others remain mysterious. But the concept of endogenous technological change is relevant to population growth and technological adoption in places like Africa, and can help us understand the economic impacts of aging populations in Europe, Japan and China. Economies have to ceaselessly transform themselves and develop, if they are to enjoy continued prosperity and become more productive. AK model The AK model production function is a special case of a Cobb–Douglas production function: Y = AKαLβ This equation shows a Cobb–Douglas function where Y represents the total production in an economy. A represents total factor productivity, K is capital, L is labor, and the parameter α and β measures the output elasticity of capital. For the special case in which α=1, the production function becomes linear in capital thereby giving constant returns to scale Y = AK
Views: 1346 Know Economics
Do you recall our question about Germany and Japan from our previous video? How did they achieve record economic growth following World War II? Today's video will help answer that question. We'll be digging into the K variable of our simplified Solow model: physical capital. To help with our discussion, we’ll be exploring two specific concepts. The first is the iron logic of diminishing returns which states that, for each new input of capital, there is less and less output produced. Your first input of capital will likely be the most productive, because you’ll allocate this first unit to the most important, value-adding tasks. The second concept we’ll cover is the marginal product of capital. This concept describes the output created by each new unit of invested capital. Can you already see how these two forces of capital help answer our question about Germany and Japan? For these two war-torn countries, the first few units of invested capital had a lot of bang for their buck. The first roads between destroyed cities, the first new steel mills, the first new businesses—these helped boost their growth rate tremendously. Even more so, remember that Germany and Japan were growing from a low economic base after the war. It's easy to grow a lot when the base is small. But all else being equal, you'd rather have a larger base, and grow slower. Capital has some more nuances worth thinking about, which we'll show in the next video. So get to watching, and in our next macroeconomics video, we'll show you yet another problem surrounding physical capital. Related video: Puzzle of Growth: http://bit.ly/1T5yq18 Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8 Macroeconomics Course: http://bit.ly/1R1PL5x Ask a question about the video: http://bit.ly/1SgTXz5 Next video: http://bit.ly/1MvGg2D Help us caption & translate this video! http://amara.org/v/IF0a/
Views: 201760 Marginal Revolution University
Constantin Gurdgiev is a lecturer in Finance with Trinity College, Dublin, former editor of Business and Finance Magazine, and a regular contributor to Tonight With Vincent Browne on TV3. Constantin feels that global economy is shifting toward more human capital-intensive growth, driven by changing nature of entrepreneurship, creativity, and altering the relationship between risk taking, risk management and returns to labour. In this age of what he calls Human Capital, existent systems of political power distribution, taxation and public services will undergo a revolutionary transformation, presenting a major challenge to the advanced economies and their social democracies. In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)
Views: 37740 TEDx Talks