Physical capital and its consequences for fitness workers in Queensland

Sexual, social and employment success have been linked to the physical capital drawn from having aesthetic attributes of the socially idealised body. In certain workplace settings, such as health and fitness centres, the body becomes a mainstream commodity with physical capital affording the fitness worker a high degree of distinction and adoration as well as employment opportunities. The employment relationship is shaped by 'lookism', with both the employer and employee taking advantage of the fitness worker's idealised form. The worker's physical capital provides a walking billboard advertising the employer's products and services, while exposure to comparison and adoration provides a heightened sense of self-worth, distinction and celebrity. Fitness workers appear to be prepared to ignore poor employment conditions or trade-off standard entitlements for the alternative rewards that their physical capital brings.

Monetary Policy, Exchange Rate Overshooting, and Endogenous Physical Capital

We develop an open economy macroeconomic model with real capital accumulation and microeconomic foundations. We show that expansionary monetary policy causes exchange rate overshooting, not once, but potentially twice; the secondary repercussion comes through the reaction of firms to changed asset prices and the firms' decisions to invest in real capital. The model sheds further light on the volatility of real and nominal exchange rates, and it suggests that changes in corporate sector profitability may affect exchange rates through international portfolio diversification in corporate securities.

Monetary Policy in a Portfolio Balance Model with Endogenous Physical Capital

We develop a portfolio balance model with real capital accumulation. The introduction of real capital as an asset as well as a good produced and demanded by firms enriches extant portfolio balance models of exchange rate determination. We show that expansionary monetary policy causes exchange rate overshooting, not once, but twice; the secondary repercussion comes through the reaction of firms to changed asset prices and the firms' decisions to invest in real capital. The model sheds further light on the volatility of real and nominal exchange rates, and it suggests that changes in corporate sector profitability may affect exchange rates through portfolio diversification in corporate securities.

Drivers of Agricultural Physical Capital Development: Theoretical Framework and Hypotheses. Factor Markets Working Paper No. 18, February 2012

This paper aims to identify drivers of physical capital adjustments in agriculture. It begins with a review of some of the most important theories and modelling approaches regarding firms’ adjustments of physical capital, ranging from output-based models to more recent approaches that consider irreversibility and uncertainty. Thereafter, it is suggested that determinants of physical capital adjustments in agriculture can be divided into three main groups, namely drivers related to: i) expected (risk-adjusted) profit, ii) expected societal benefits and costs and iii) expected private nonpecuniary benefits and costs. The discussion that follows focuses on the determinants belonging to the first group and covers aspects related to product market conditions, technological conditions, financial conditions and the role of firm structure and organization. Furthermore, the role of subjective beliefs is emphasized. The main part of this paper is concerned with the demand side of the physical capital market and one section also briefly discusses some aspects related to supply of farm assets.

O capital intelectual e a performance das empresas do PSI 20

Num contexto de crescente complexidade e disponibilidade de informação, a gestão do capital intelectual assume cada vez mais preponderância como vantagem competitiva para as empresas que procuram maximizar o valor gerado. Esta investigação usa como metodologia príncipal o VAIC (coeficiente intelectual do valor adicionado), para assim estudar a existência de relação entre capital intelectual e a performance bolsista e financeira das empresas do PSI20. O VAIC é decomposto nos seus três indicadores de eficiência, tais como: capital humano, capital estrutural e capital físico. Os dados contemplam quinze empresas e nove anos de análise (2003 - 2011). Elaborou-se uma abordagem que recorre à utilização de técnicas econométricas para reduzir potênciais falhas no tratamento de dados em painel. Os resultados da análise demonstram uma relação positiva entre a aposta em capital intelectual a performance bolsista e financeira, ou seja, a utilização e gestão eficientes do capital intelectual contribuem de forma significativa na avaliação bolsista e financeira das empresas do PSI20.

Biased technological change, human capital and factor shares

We propose a one-good model where technological change is factor saving and costly. We consider a production function with two reproducible factors: physical capital and human capital, and one not reproducible factor. The main predictions of the model are the following: (a) The elasticity of output with respect to the reproducible factors depends on the factor abundance of the economies. (b) The income share of reproducible factors increases with the stage of development. (c) Depending on the initial conditions, in some economies the production function converges to AK, while in other economies long-run growth is zero. (d) The share of human factors (raw labor and human capital) converges to a positive number lower than one. Along the transition it may decrease, increase or remain constant.

Capital natural, capital humano y participación de los factores: una revisión de los métodos de medición del crecimiento económico

Este trabajo aporta tres elementos básicos para el análisis del crecimiento económico en Colombia: En primer lugar, para el cálculo de la participación de los factores en el producto, se separa el ingreso de capital físico del ingreso de capital natural y el ingreso del trabajo básico del ingreso de capital humano. Con esta metodología se comprueba que la participación de los factores reproducibles tiene una tendencia creciente como lo sugieren los modelos de innovaciones sesgadas. En segundo lugar, dada la no estacionariedad de la participación de los factores para poder hacer cálculos acerca de la productividad multifactorial se hace necesario encontrar la medida correcta de los factores. Se utiliza un método empírico para la identificación de estas medidas y se aplica a los datos colombianos. Por ´ultimo, utilizando los nuevos cálculos de participación de los factores, se desarrolla un ejercicio de contabilidad de crecimiento que permite identificar con mayor precisión el comportamiento de la productividad total de los factores.

Capital formation in Latin America: one and a half century of macroeconomic dynamics

Includes bibliography

Capital simbólico e investigación. Una nota sobre el capital corporal

Este trabajo tiene como propósito presentar algunos potenciales aportes de la Teoría del Campo de Pierre Bourdieu en tres niveles de lectura: El de los fenómenos a estudiar en el marco de un proyecto de investigación, el del estatuto de esta teoría dentro de la Teoría Social Contemporánea y, finalmente, el de la posición del que escribe dentro del campo de investigación. El énfasis va a ponerse en el nivel de los fenómenos que es posible reconstruir a partir del análisis de fragmentos de documentos producidos en el trabajo de campo. Finalmente se harán algunas conclusiones sobre el uso de la categoría capital corporal para designar una subespecie de capital simbólico en el dominio de las prácticas corporales parte de la intervención de la Educación Física en una cárcel de la Provincia de Buenos Aires.

Capital simbólico e investigación. Una nota sobre el capital corporal

Este trabajo tiene como propósito presentar algunos potenciales aportes de la Teoría del Campo de Pierre Bourdieu en tres niveles de lectura: El de los fenómenos a estudiar en el marco de un proyecto de investigación, el del estatuto de esta teoría dentro de la Teoría Social Contemporánea y, finalmente, el de la posición del que escribe dentro del campo de investigación. El énfasis va a ponerse en el nivel de los fenómenos que es posible reconstruir a partir del análisis de fragmentos de documentos producidos en el trabajo de campo. Finalmente se harán algunas conclusiones sobre el uso de la categoría capital corporal para designar una subespecie de capital simbólico en el dominio de las prácticas corporales parte de la intervención de la Educación Física en una cárcel de la Provincia de Buenos Aires.

Capital simbólico e investigación. Una nota sobre el capital corporal

Este trabajo tiene como propósito presentar algunos potenciales aportes de la Teoría del Campo de Pierre Bourdieu en tres niveles de lectura: El de los fenómenos a estudiar en el marco de un proyecto de investigación, el del estatuto de esta teoría dentro de la Teoría Social Contemporánea y, finalmente, el de la posición del que escribe dentro del campo de investigación. El énfasis va a ponerse en el nivel de los fenómenos que es posible reconstruir a partir del análisis de fragmentos de documentos producidos en el trabajo de campo. Finalmente se harán algunas conclusiones sobre el uso de la categoría capital corporal para designar una subespecie de capital simbólico en el dominio de las prácticas corporales parte de la intervención de la Educación Física en una cárcel de la Provincia de Buenos Aires.

Muscularity, the habitus and the social construction of gender: Towards a gender-relevant physical education

This paper begins to develop the concept of gender-relevant physical education, combining the work of Pierre Bourdieu and his notion of the habitus and feminist philosopher Iris Marion Young's analysis of feminine motility. It draws on data generated from a study of young people's articulation of the relationships between muscularity, physicality and gender. The social construction of the body has been of central importance to the construction of femininities and masculinities, and has formed an enduring meta-theme through much of the research on physical education and gender. We build on the young people's insights to argue that Bourdieu's notions of the habitus and the exchange of physical capital provide a useful means of conceptualizing issues of embodiment and gender in school physical education and sport. We conclude by sketching an outline of gender-relevant physical education as a process of interrupting the habitus.

Empirical analysis of human capital development and economic growth in Europe

Recent discussion of the knowledge-based economy draws increasingly attention to the role that the creation and management of knowledge plays in economic development. Development of human capital, the principal mechanism for knowledge creation and management, becomes a central issue for policy-makers and practitioners at the regional, as well as national, level. Facing competition both within and across nations, regional policy-makers view human capital development as a key to strengthening the positions of their economies in the global market. Against this background, the aim of this study is to go some way towards answering the question of whether, and how, investment in education and vocational training at regional level provides these territorial units with comparative advantages. The study reviews literature in economics and economic geography on economic growth (Chapter 2). In growth model literature, human capital has gained increased recognition as a key production factor along with physical capital and labour. Although leaving technical progress as an exogenous factor, neoclassical Solow-Swan models have improved their estimates through the inclusion of human capital. In contrast, endogenous growth models place investment in research at centre stage in accounting for technical progress. As a result, they often focus upon research workers, who embody high-order human capital, as a key variable in their framework. An issue of discussion is how human capital facilitates economic growth: is it the level of its stock or its accumulation that influences the rate of growth? In addition, these economic models are criticised in economic geography literature for their failure to consider spatial aspects of economic development, and particularly for their lack of attention to tacit knowledge and urban environments that facilitate the exchange of such knowledge. Our empirical analysis of European regions (Chapter 3) shows that investment by individuals in human capital formation has distinct patterns. Those regions with a higher level of investment in tertiary education tend to have a larger concentration of information and communication technology (ICT) sectors (including provision of ICT services and manufacture of ICT devices and equipment) and research functions. Not surprisingly, regions with major metropolitan areas where higher education institutions are located show a high enrolment rate for tertiary education, suggesting a possible link to the demand from high-order corporate functions located there. Furthermore, the rate of human capital development (at the level of vocational type of upper secondary education) appears to have significant association with the level of entrepreneurship in emerging industries such as ICT-related services and ICT manufacturing, whereas such association is not found with traditional manufacturing industries. In general, a high level of investment by individuals in tertiary education is found in those regions that accommodate high-tech industries and high-order corporate functions such as research and development (R&D). These functions are supported through the urban infrastructure and public science base, facilitating exchange of tacit knowledge. They also enjoy a low unemployment rate. However, the existing stock of human and physical capital in those regions with a high level of urban infrastructure does not lead to a high rate of economic growth. Our empirical analysis demonstrates that the rate of economic growth is determined by the accumulation of human and physical capital, not by level of their existing stocks. We found no significant effects of scale that would favour those regions with a larger stock of human capital. The primary policy implication of our study is that, in order to facilitate economic growth, education and training need to supply human capital at a faster pace than simply replenishing it as it disappears from the labour market. Given the significant impact of high-order human capital (such as business R&D staff in our case study) as well as the increasingly fast pace of technological change that makes human capital obsolete, a concerted effort needs to be made to facilitate its continuous development.

Three essays on self-employment transitions, organizational capital, and firm formation

This dissertation explores how economic, organizational, and personal factors affect self-employment transitions, occupational decisions, and firm formation activities of individuals at different positions in the skill distribution. The first essay of my dissertation studies how local unemployment rates differentially affect entry into self-employment by individuals at different places in the skill distribution. The empirical results show a positive correlation between local unemployment rates and entry into self-employment for low-ability workers, but not for high-ability workers. Including employer size to eliminate possible distortions showed that the positive association between unemployment and self-employment among low-ability workers is in fact driven by the small firm effect. Controlling for firm size yields a negative association between unemployment and self-employment among high-ability workers. Effects of organizational capital, human capital and physical capital, on the firm formation activities of people at distinct skill levels depend on the type of the industry which is chosen for the new firm. Two types of industries, capital-intensive and ability-intensive, are utilized to explore this hypothesis in the second essay. A capital-intensive industry requires more physical investment, and consequently more funds, whereas, an ability-intensive industry requires more human capital. It is shown that high human capital requirements are associated with higher earnings among the most able individuals, and therefore makes them more likely to found firms in an ability-intensive industry. Wealthy people are more likely to establish both capital-intensive and ability-intensive firms, even though the amount of funds necessary for two industry types differs. Moreover, entry into both industries is predicted to happen later in life due to the removal of entry barriers constituted by required investment spending using savings when old. Empirical mixed results are observed. The third essay investigates earning differentials between future entrepreneurs and their non-entrepreneurial colleagues. Results show that high-ability firm-owners in an ability-intensive industry were earning more than those that remained in wage-work, whereas, low-ability firm-owners in a capital-intensive industry were earning less than those remaining in paid-work.

Reforço do capital social de um território através de uma abordagem de estruturação da reflexão colectiva em torno dos processos de reconstrução produtiva: O caso do projecto ReADAPT no concelho da Covilhã

As teorias e políticas de desenvolvimento regional sofreram grandes alterações nas duas últimas décadas. Os factores que impulsionam o crescimento económico sustentado já não se relacionam apenas com o capital físico, nem sequer com o capital humano regional. As novas condições de competitividade enfatizam a importância do “capital social”, normas e regras sociais, formais ou informais que promovem a compreensão recíproca e a confiança mútuas entre os agentes da economia da região. Este artigo demonstra a forma como as instituições de uma região se podem organizar em torno dos processos de reestruturação produtiva e encorajar as empresas na região a adoptar normas, expectativas, valores, atitudes e práticas comuns, em suma, uma cultura comum de inovação reforçada pelo processo de aprendizagem social. A acção política dinamizada pela autarquia da Covilhã no projecto ReADAPT, a acção da Associação Nacional dos Industriais de Lanifícios ao promover as condições que sustentam e levam ao aparecimento de redes ou agrupamentos de empresas com actividades relacionadas nas áreas de maior potencial de desenvolvimento da região, e o estabelecimento de relações entre essas redes e as restantes instituições (centros de formação, universidade, sindicatos, etc.) constituem o chamado Sistema Regional de Inovação deste território. Num contexto de depressão económica sectorial e regional, o papel da ANIL e das restantes entidades parceiras assumiu-se como de “animadores e facilitadores” do desenvolvimento. A aprendizagem e a reflexão institucional conseguidas contribuíram também para o que ANIL e as restantes entidades parceiras e o sector público com o qual interagem, tenham adquirido uma nova capacidade de inovação estratégica. Neste contexto, instituições de carácter regional/local assumem-se como um elemento essencial na construção de racionalidades e no condicionamento de comportamentos reflexivos e de cooperação, indicando os caminhos possíveis a seguir aos restantes actores da região. Em suma, as dinâmicas de associação entre actores regionais são um ingrediente fundamental na receita para o desenvolvimento das regiões, no sentido em que podem ajudar outros a ajudar-se na criação de significados, na construção de capacidade para agir e no suporte à construção de redes através das quais os agentes económicos e sociais podem colaborar em benefício comum.