In this paper, the concept of social capital is introduced and illustrated, its forms are described, the social structural conditions under which it arises are examined, and it is used in an analys...

/pdf/social-capital-in-the-creation-of-human-capital-1836wo2872.pdf

Social Capital in the Creation of Human Capital

http://individual.utoronto.ca/zheli/sa1.pdf

On the mechanics of economic development

This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data. The paper also examines the implications of the Solow model for convergence in standards of living, that is, for whether poor countries tend to grow faster than rich countries. The evidence indicates that, holding population growth and capital accumulation constant, countries converge at about the rate the augmented Solow model predicts. This paper takes Robert Solow seriously. In his classic 1956 article Solow proposed that we begin the study of economic growth by assuming a standard neoclassical production function with decreasing returns to capital. Taking the rates of saving and population growth as exogenous, he showed that these two vari- ables determine the steady-state level of income per capita. Be- cause saving and population growth rates vary across countries, different countries reach different steady states. Solow's model gives simple testable predictions about how these variables influ- ence the steady-state level of income. The higher the rate of saving, the richer the country. The higher the rate of population growth, the poorer the country. This paper argues that the predictions of the Solow model are, to a first approximation, consistent with the evidence. Examining recently available data for a large set of countries, we find that saving and population growth affect income in the directions that Solow predicted. Moreover, more than half of the cross-country variation in income per capita can be explained by these two variables alone. Yet all is not right for the Solow model. Although the model correctly predicts the directions of the effects of saving and

/pdf/a-contribution-to-the-empirics-of-economic-growth-27cl5gkqam.pdf

A Contribution to the Empirics of Economic Growth

Background Global and regional projections of mortality and burden of disease by cause for the years 2000, 2010, and 2030 were published by Murray and Lopez in 1996 as part of the Global Burden of Disease project. These projections, which are based on 1990 data, continue to be widely quoted, although they are substantially outdated; in particular, they substantially underestimated the spread of HIV/AIDS. To address the widespread demand for information on likely future trends in global health, and thereby to support international health policy and priority setting, we have prepared new projections of mortality and burden of disease to 2030 starting from World Health Organization estimates of mortality and burden of disease for 2002. This paper describes the methods, assumptions, input data, and results. Methods and Findings Relatively simple models were used to project future health trends under three scenarios—baseline, optimistic, and pessimistic—based largely on projections of economic and social development, and using the historically observed relationships of these with cause-specific mortality rates. Data inputs have been updated to take account of the greater availability of death registration data and the latest available projections for HIV/AIDS, income, human capital, tobacco smoking, body mass index, and other inputs. In all three scenarios there is a dramatic shift in the distribution of deaths from younger to older ages and from communicable, maternal, perinatal, and nutritional causes to noncommunicable disease causes. The risk of death for children younger than 5 y is projected to fall by nearly 50% in the baseline scenario between 2002 and 2030. The proportion of deaths due to noncommunicable disease is projected to rise from 59% in 2002 to 69% in 2030. Global HIV/AIDS deaths are projected to rise from 2.8 million in 2002 to 6.5 million in 2030 under the baseline scenario, which assumes coverage with antiretroviral drugs reaches 80% by 2012. Under the optimistic scenario, which also assumes increased prevention activity, HIV/AIDS deaths are projected to drop to 3.7 million in 2030. Total tobacco-attributable deaths are projected to rise from 5.4 million in 2005 to 6.4 million in 2015 and 8.3 million in 2030 under our baseline scenario. Tobacco is projected to kill 50% more people in 2015 than HIV/AIDS, and to be responsible for 10% of all deaths globally. The three leading causes of burden of disease in 2030 are projected to include HIV/AIDS, unipolar depressive disorders, and ischaemic heart disease in the baseline and pessimistic scenarios. Road traffic accidents are the fourth leading cause in the baseline scenario, and the third leading cause ahead of ischaemic heart disease in the optimistic scenario. Under the baseline scenario, HIV/AIDS becomes the leading cause of burden of disease in middle- and low-income countries by 2015. Conclusions These projections represent a set of three visions of the future for population health, based on certain explicit assumptions. Despite the wide uncertainty ranges around future projections, they enable us to appreciate better the implications for health and health policy of currently observed trends, and the likely impact of fairly certain future trends, such as the ageing of the population, the continued spread of HIV/AIDS in many regions, and the continuation of the epidemiological transition in developing countries. The results depend strongly on the assumption that future mortality trends in poor countries will have a relationship to economic and social development similar to those that have occurred in the higher-income countries.

/pdf/projections-of-global-mortality-and-burden-of-disease-from-16p7emcopm.pdf

Projections of Global Mortality and Burden of Disease from 2002 to 2030

/pdf/discretion-versus-policy-rules-in-practice-564eovjuxn.pdf

Discretion versus policy rules in practice

FLAWED: Earlier studies suggested that the region's growth came mainly from a capital surge. Technology had a lot to do with it, too Robert J. Barro IS a professor of economics at Harvard University and a senior fellow of the Hoover Institution (rjbweek@harvard.edu). U ntil last year, many East Asian countries were widely regarded as economic miracles. The standouts included the four Asian Tigers-Hong Kong, Singa-pore, South Korea, and Taiwan-where growth rates of real per capita gross domestic product from 1960 to 1995 were around 6% per year, Right behind were Indonesia, Malaysia, Thailand, and China. These performances placed this East Asian group at the top of the world's growth list. The Asian reputation has suffered recently because of financial crises and recessions. These crises did highlight some policy shortcomings , such as unwise credit subsidies and deficient regulation of financial markets. But the negative reaction has been sharply over-done. In comparison with typical developing countries, government policies in most of the East Asian countries have been fiscally responsible , pro-market, and, hence, reasonable. Yet even before the recent setbacks, the four Tigers' economic record was challenged in two well-known studies by Alwyn Young (in the 1992 NBER Macroeconomic Annual and the 1995 Quarterly Journal of Economics). Young argued that the high rates of economic growth reflected very little technological progress. Growth occurred mainly because of extraordinary rates of capital accumulation, some in the form of education (\" human capital \"), but most in machines and buildings. The lack of technological progress was surprising because, even if these countries were inventing little, they should have been benefiting from the superior techniques they were imitating from the world's most advanced countries. Historically, long-term economic growth has been sustained by significant increases in productivity due to technological and organizational change. The accumulation of huge amounts of capital and labor can work for a time, but ultimately must be backed by improvements in technology. In Singapore, Young's analysis suggests that rapid growth was supported almost entirely by physical and human capital accumulation. In fact, investment was so high that the rate of measured productivity growth was actually negative. To Young, the high rate of investment persisted only because of the government's policies of forced saving and implicit subsidies to foreign capital. The Young thesis was popularized and misinterpreted by economic journalists who even compared some Asian economic policies to the high-investment programs of …

The East Asian Tigers Have Plenty to Roar About

Money and Output in Mexico, Colombia, and Brazil

A General Equilibrium Approach to Money Supply and Monetary Policy

Rates of COVID deaths, hospitalizations, and cases differ markedly across U.S. states, as do rates of vaccination. This study uses cross-state regressions to assess impacts of vaccinations on COVID outcomes. A number of familiar issues arise concerning cross-sectional regressions, including omitted variables, behavioral responses to vaccination, and reverse causation. The benefits from a field context and from the broad range of observed variations suggest the value from dealing with these issues. Results reveal sizable negative effects of vaccination on deaths, hospitalizations, and cases up to early December 2021, although vaccine efficacy seems to wane over time. The findings for deaths apply to all-cause excess mortality as well as COVID-related mortality. The estimates imply that one expected life saved requires 248 additional doses, with a marginal cost around $55000, far below typical estimates of the value of a statistical life. Results since December 2021 suggest smaller effects of vaccinations on deaths and, especially, hospitalizations and cases, possibly because of diminished effectiveness of vaccines against new forms of the virus, notably the omicron variant. A further possibility is that confidence engendered by vaccinations motivated individuals and governments to lessen non-pharmaceutical interventions, such as masking and social distancing.

/pdf/vaccination-rates-and-covid-outcomes-across-u-s-states-3uarmud5.pdf

Vaccination rates and COVID outcomes across U.S. states.

4. Inflationary Finance under Discretion and Rules

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