Deficit, human capital and economic growth dynamics

Long-run economic growth arouses a great interest since it can shed light on the income-path of an economy and try to explain the large differences in income we observe across countries and over time. The neoclassical model has been followed by several endogenous growth models which, contrarily to the former, seem to predict that economies with similar preferences and technological level, do not necessarily tend to converge to similar per capita income levels. This paper attempts to show a possible mechanismthrough which macroeconomic disequilibria and inefficiencies, represented by budget deficits, may hinder human capital accumulation and therefore economic growth. Using a mixed education system, deficit is characterized as a bug agent which may end up sharply reducing the resources devoted to education and training. The paper goes a step further from the literature on deficit by introducing a rich dynamic analysis of the effects of a deficit reduction on different economic aspects.Following a simple growth model and allowing for slight changes in the law of human capital accumulation, we reach a point where deficit might sharply reduce human capital accumulation. On the other hand, a deficit reduction carried on for a long time, taking that reduction as a more efficient management of the economy, may prove useful in inducing endogenous growth. Empirical evidence for a sample of countries seems to support the theoretical assumptions in the model: (1) evidence on an inverse relationship betweendeficit and human capital accumulation, (2) presence of a strongly negative associationbetween the quantity of deficit in the economy and the rate of growth. They may prove a certain role for budget deficit in economic growth

Factor shares, the price markup, and the elasticity of substitution between capital and labor

[spa] La participación del trabajo en la renta nacional es constante bajo los supuestos de una función de producción Cobb-Douglas y competencia perfecta. En este artículo se relajan estos supuestos y se investiga si el comportamiento no constante de la participación del trabajo en la renta nacional se explica por (i) una elasticidad de sustitución entre capital y trabajo no unitaria y (ii) competencia no perfecta en el mercado de producto. Nos centramos en España y los U.S. y estimamos una función de producción con elasticidad de sustitución constante y competencia imperfecta en el mercado de producto. El grado de competencia imperfecta se mide a través del cálculo del price markup basado en laaproximación dual. Mostramos que la elasticidad de sustitución es mayor que uno en España y menor que uno en los US. También mostramos que el price markup aleja la elasticidad de sustitución de uno, lo aumenta en España, lo reduce en los U.S. Estos resultados se utilizan para explicar la senda decreciente de la participación del trabajo en la renta nacional, común a ambas economías, y sus contrastadas sendas de capital.

Complementarity between human capital and trade in regional technological progress

The effect of openness and trade orientation on economic growth remains a highly contentious issue in the literature. Trade facilitates the spread of knowledge and the adoption of more advanced and efficient technologies, which hastens total factor productivity (TFP) growth and, hence, per capita income. New technologies that spread through trade require a sufficiently skilled labour force to adapt them to the domestic productive environment. Thus, openness and human capital accumulation will lead to TFP growth and the greater the complementarity between both variables, the higher the TFP growth. This paper discusses the implications of these assumptions and tests their empirical validity, using a pool of data for manufacturing industry in Spanish regions in a period in which both the stock of human capital and openness experienced a notable increase.

Capital humano local y productividad en las provincias españolas

En la última década, distintos estudios han intentado contrastar empíricamente la existencia de una relación entre el stock de capital humanolocal y la productividad del territorio, así como la posible presencia de economías externas asociadas a aquél. El resultado común de dichos estudios ha consistido en encontrar una correlación positiva entre ambas variables Losdiversos autores no coinciden, en cambio, a la hora de explicar dicho resultado: un primer grupo de autores argumenta la presencia de economíasexternas vinculadas al capital humano mientras que un segundo grupo plantea la existencia de relaciones de complementariedad entre los diversos factores productivos y, más en concreto, entre el capital humano y el capital físico.El objetivo de este trabajo es analizar la existencia de una posible relación positiva entre el nivel de capital humano de las provincias españolas y su productividad de éstas y, a continuación, averiguar si el canal a través delcual se produce el efecto son las economías externas. Para ello, se aplica unametodología que consta de dos etapas. En la primera, se estima una ecuación de Mincer utilizando información de la Encuesta de Presupuestos Familiares a fin de obtener una estimación de la productividad media de cada una de las provincias españolas una vez controlado el efecto del capital humano de los individuos sobre su propia productividad. En una segunda etapa, la estimación de la productividad provincial media estimada se introduce como variable endógena en una nueva ecuación cuyas variables explicativas intentan aproximar el nivel de capital humano de cada una de las provincias. A partir de esta segunda regresión se detecta una relación positiva entre la productividad media estimada del territorio y el nivel educativo medio delmismo. Sin embargo, la principal conclusión del análisis realizado es que dicha relación no puede explicarse por el impacto de las economías externas generadas exógenamente por el capital humano, sino que debe atribuirse a otros efectos que, actuando también por lado de la demanda, impulsen al alza la productividad.

Public infrastructure and the performance of manufacturing industries: short-and long-run

We present a theoretical framework for determining the short- and long-run effects of infrastructure. While the short-run effects have been the focus of most previous studies, here we derive long-run elasticities by taking into account the adjustment of quasi-fixed inputs to their optimum levels. By considering the impact of infrastructure on private investment decisions, we observe how, apart from the direct effect on costs in the short-run, infrastructure exerts an indirect source of influence in the long-run through their effect on private capital. The model is applied to manufacturing industries in the Spanish regions

The role of unions in an endogenous growth model with human capital

In this paper we study the relationship between unions and growth in a two-sector overlapping generations model with altruism and humancapital. This relationship depends on the interaction between the technology in the sector that produces human capital, the degreeof unionization of the economy and the operativeness of the bequest motive.

Special investigation of the Glenwood Resource Center Client Activity Clearing Account for the period January 1, 2009 through June 30, 2010

Special investigation of the Glenwood Resource Center Client Activity Clearing Account for the period January 1, 2009 through June 30, 2010

Social Capital and Sport Governance in Europe

Although there is significant interest in the social role of sport in fostering civil society from both policymakers and academics, there is a lack of evidence of the specific role of sport federations in this system. This book critically presents the mechanisms and structures in a selection of sport federations within a variety of European countries that illuminate the varied relationships between not-for-profit sport federations, their members, governments and the citizens they represent. The contributors explore the contrasts and synergies between core social capital theoretical perspectives, and how these may be informed by and/or shape the realities of governance from different perspectives within the sport system.

Dire le futur au Moyen Age : du prologue au récit : du Chevalier au Lion de Chrétien de Troyes au Chevalier au Lion de Pierre Sala

S'inscrivant dans le domaine de l'analyse des relations temporelles dans les textes, la présente étude est consacrée à la notion du futur définie en tant qu'anticipation sur les événements à venir dans le récit. Ainsi, la recherche en question se propose de mettre en lumière les différents mécanismes d'anticipation propres aux récits d'aventures au Moyen Âge. Recourant aux moyens heuristiques existants (les bases de la théorie de la réception telle qu'elle est représentée dans les travaux de Jauss, Eco et Greimas), cette thèse se concentre sur l'étude du prologue de l'oeuvre littéraire dont elle élabore une grille de lecture particulière qui tient compte de la complexité de la notion du futur envisagée aux plans grammatical (formes verbales du futur), rhétorique (la figure de la prolepse) et littéraire (les scénarios et les isotopies). La démarche de la lecture détaillée du prologue adoptée au cours de ce travail s'applique d'abord au Chevalier au Lion de Chrétien de Troyes, texte fondateur du corpus, qui constitue, pour parler avec Philippe Walter, un vrai « drame du temps ». L'étude des mécanismes d'anticipation mis en place dans le prologue se prolonge ensuite dans les chapitres consacrés à Claris et Laris et au Chevalier au Lion de Pierre Sala, deux réécritures du célèbre roman du maître champenois. Datant, respectivement, du XIIIe et du début du XVIe siècle, ces oeuvres permettent de saisir le chemin parcouru par le futur dans son aspect thématique et diachronique, ce qui est particulièrement propice au repérage des critères qui influencent l'attente du lecteur par rapport aux événements à venir au fil des siècles. Ainsi, à côté des moyens d'expression « standards » du futur (scénarios intertextuels et isotopies), la présente recherche fait apparaître d'autres facteurs qui influencent l'anticipation, notamment le procédé de la disputatio, le recours à la satire, la démarche de l'engagement indirect et l'opposition vers/prose. La seconde partie de la thèse qui traite, d'un côté, des récits consacrés à la fée Mélusine de Jean d'Arras et de Coudrette, du Livre du Cuer d'amours espris de René d'Anjou de l'autre, sert à vérifier dans quelle mesure la démarche choisie s'applique à des oeuvres du Moyen Âge tardif qui combinent des éléments empruntés à la tradition antérieure avec des éléments d'autre provenance. L'analyse de Mélusine et du Livre du Cuer conduit à ajouter deux facteurs supplémentaires qui influencent l'attente du lecteur, à savoir la démarche de l'engagement partiel et le recours au genre judiciaire. Cette étude démontre que le traitement du futur est d'un enjeu capital pour lire les textes du Moyen Âge, car il permet au lecteur, dès le prologue, de reconnaître la fin vers laquelle tend le récit et de faire par là- même une lecture enrichie, supérieure à d'autres. Telling the Future in the Middle Ages : from the Prologue to the Narrative. From Chrétien de Troyes ' Chevalier au Lion to Pierre Sala 's Chevalier au Lion. Part of the analyses of the time based relations within the texts, the present study deals with the notion of future characterized as an anticipation of the events to come in the narrative. Therefore, the purpose of this research is to bring to light the various mechanisms of anticipation peculiar to the narratives of adventures in the Middle Ages. Making the use of the existing heuristic instruments (the bases of the theory of the reception as it presents itself in the works by Jauss, Eco and Greimas), this thesis is dedicated to the study of the prologue of the work of fiction by means of a particular key for reading which takes into account the complexity of the notion of future with regard to its grammatical side (future tenses), to its rhetorical side (prolepse) and to its literary side (scenario and isotopy). First of all, the close reading of the prologue used in this work is applied to Chrétien de Troyes's Chevalier au Lion (Lion Knight), the founding text of our literary corpus, which represents, according to Philippe Walter, the real « drama of Time ». Then, the study of the mechanisms of anticipation in the prologue is carried over to the chapters devoted to Claris et Laris and to Pierre Sala's Chevalier au Lion, two romances that rewrite Chrétien de Troyes' famous work. Written, respectively, in the XIIIth and in the beginning of the XVI century, these romances enable the reader to ascertain the changes in the manner of telling the future from the thematic and diachronic point of view : this is particularly convenient to the identification of the criteria which influence the reader's expectations relative to the future events in the course of the centuries. Therefore, next to the « standard » means of expression of future (intertextual scenario and isotopy), the present study reveals other factors which influence the anticipation, in particular the method of the disputatio, the use of the satire, the approach of the indirect commitment and the verse/prose opposition. The second part of the thesis which deals with the narratives concerning the fairy Melusine written by Jean d'Arras and by Coudrette on one hand, with René d'Anjou's Livre du Cuer d'amours espris on the other hand, is used to verify to what extent the chosen approach applies to the works of fiction of the Late Middle Ages that combine the elements from the previous tradition with the elements of other origin. The analysis of Melusine's romances and of the Livre du Cuer brings us to add two new factors which influence the reader's expectations : the approach of the partial commitment, and the use of the legal discourse. This study demonstrates that the manner of telling the future is of the utmost importance to read the texts of the Middle Ages, because it enables the reader to know the end of the story from the very beginning, from the prologue, thus leading to a richer and superior reading.

Marches of the dragoons in the Mississippi Valley : an account of marches and activities of the First Regiment United States Dragoons in the Mississippi Valley between the years 1833 and 1850,1917.

Contains information of the marches and other activities of the First Regiment of the United States Dragoons between the years 1833 and 1850 with in the boundaries of the Iowa country. Written by Louis Pelzer.

Audit report on the Honey Creek Resort Operations Account maintained by Central Group Management, LLC for the year ended June 30, 2011

Audit report on the Honey Creek Resort Operations Account maintained by Central Group Management, LLC for the year ended June 30, 2011

Report on a special investigation of the Clarke Community School District cheerleading account for the period August 19, 2008 through June 30, 2011

Report on a special investigation of the Clarke Community School District cheerleading account for the period August 19, 2008 through June 30, 2011

Agency Fact Sheet, Department of Corrections: Farm Account, FY2007

This document produced by the Iowa Department of Administrative Services has been developed to provide a multitude of information about executive branch agencies/department on a single sheet of paper. The facts provides general information, contact information, workforce data, leave and benefits information and affirmative action data.

Agency Fact Sheet, Department of Corrections: Farm Account, FY2008

This document produced by the Iowa Department of Administrative Services has been developed to provide a multitude of information about executive branch agencies/department on a single sheet of paper. The facts provides general information, contact information, workforce data, leave and benefits information and affirmative action data.

Agency Fact Sheet, Department of Corrections: Farm Account, FY2009

This document produced by the Iowa Department of Administrative Services has been developed to provide a multitude of information about executive branch agencies/department on a single sheet of paper. The facts provides general information, contact information, workforce data, leave and benefits information and affirmative action data.