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Renewable Resources, Capital Accumulation, and Economic Growth
Wei-Bin Zhang
Business Systems Research , 2011, DOI: 10.2478/v10305-012-0019-8
Abstract: This paper proposes a dynamic economic model with physical capital and renewable resources. Different from most of the neoclassical growth models with renewable resources which are based on microeconomic foundation and neglect physical capital accumulation, this study proposes a growth model with dynamics of renewable resources and physical capital accumulation. The model is a synthesis of the neoclassical growth theory and the traditional dynamic models of renewable resources with an alternative approach to household behavior. The model describes a dynamic interdependence among physical accumulation, resource change, and division of labor under perfect competition. Because of its refined economic structure, our study enables some interactions among economic variables which are not found in the existing literature on economic growth with renewable resources. We simulate the model to demonstrate the existence of equilibrium points and motion of the dynamic system. Our comparative dynamic analysis shows, for instance, that a rise in the propensity to consume the renewable resource increases the interest rate and reduces the national and production sector's capital stocks, wage rate and level of the consumption good. Moreover, it initially reduces and then increases the capital stocks of the resource sector and the consumption and price of the renewable resource. The stock of the renewable resource is initially increased and then reduced. Finally, labor is redistributed from the production to the resource sector.
Renewable Resources, Capital Accumulation, and Economic Growth  [cached]
Wei-Bin Zhang
Business Systems Research , 2011,
Abstract: This paper proposes a dynamic economic model with physical capital and renewable resources. Different from most of the neoclassical growth models with renewable resources which are based on microeconomic foundation and neglect physical capital accumulation, this study proposes a growth model with dynamics of renewable resources and physical capital accumulation. The model is a synthesis of the neoclassical growth theory and the traditional dynamic models of renewable resources with an alternative approach to household behavior. The model describes a dynamic interdependence among physical accumulation, resource change, and division of labor under perfect competition. Because of its refined economic structure, our study enables some interactions among economic variables which are not found in the existing literature on economic growth with renewable resources. We simulate the model to demonstrate the existence of equilibrium points and motion of the dynamic system. Our comparative dynamic analysis shows, for instance, that a rise in the propensity to consume the renewable resource increases the interest rate and reduces the national and production sector’s capital stocks, wage rate and level of the consumption good. Moreover, it initially reduces and then increases the capital stocks of the resource sector and the consumption and price of the renewable resource. The stock of the renewable resource is initially increased and then reduced. Finally, labor is redistributed from the production to the resource sector.
要素积累、人力资本与农业环境效率间门槛效应研究——低碳约束下面板门槛模型检验
Research on threshold effect on the relationship between factor accumulation, human capital and agricultural environment efficiency
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姚增福,唐华俊,刘欣
- , 2017, DOI: 10.11835/j.issn.1008-5831.2017.04.003
Abstract: 农业环境治理问题不仅关系到农业经济的可持续发展,更关系到农户的身体健康。基于2000-2013年中国30个省级行政单位的均衡面板数据,建立以要素积累为门槛变量的面板门槛模型,检验了农村人力资本对农业环境效率提升非均衡变化的门槛效应。研究结果表明:人力资本与农业环境效率间会因为经济发展和物质资本积累水平的不同而呈现出显著的双门槛区间效应,表现为从经济低发展区到高发展区,人力资本与农业环境效率提升间具有显著的"反N型"特征趋势,而物质资本从匮乏区到丰富区,人力资本与农业环境效率提升间呈现明显的"倒U型"趋势特征。应加快确立和制定农业环境政策的"优化经济发展水平、物质资本和人力资本积累间结构"的导向和工具。
Agricultural environment governance issues directly affect the sustainable development of rural economy and farmers' health.Based on balanced panel data of China's 30 provinces from 2000 to 2013,this paper takes the factor accumulation as threshold variables to establish panel threshold regression model,in order to test the unbalanced threshold effect on rural human capital to improving the agricultural environment efficiency.The results show that between human capital and agricultural environment efficiency there has a significant dual threshold range effect relying on economic development and material capital accumulation.Human capital and agricultural environment efficiency ascension reveal a significant "inverse-N type" trend characteristic from the low area to the high-risk area of economic development.Human capital and agricultural environment efficiency ascension reveal an obvious "invert U-type" trend characteristic from the shortage area to the abundant area of material capital.Agricultural environment policy should reflect the guide of optimizing the structure in economic development level,physical capital and human capital accumulation.
Social capital accumulation in Malaysia  [PDF]
Hafiz Ahmad Zulkifli
e-BANGI : Journal of Social Sciences and Humanities , 2008,
Abstract: The World Bank has identified social capital as the fourth factor to fuel economic growth after physical capital, financial capital and human capital. There are various social ills (for example, juvenile delinquency, crimes, murder, gangsterism, abandonment of the elderly, and domestic violence) plaguing the society today. This can be attributed to various factors ranging from peer pressure, mental problems, poverty, marginalisation and erosion of moral values. In a society that has experienced a rapid economic growth and a steady increase in the income per capita, it is thus an alarming factor if there is an increase in social problems and an increase in government expenditure to curb this problem. Social capital through effective networking is seen as an avenue to enhance positive social values and contribute towards a harmonious society.
Public Capital Accumulation and Economic Development in Nigeria; 1970-2010  [PDF]
Michael Baghebo,Samuel Edoumiekumo
International Journal of Academic Research in Business and Social Sciences , 2012,
Abstract: This study empirically examine the relationship between Public Capital Accumulation and Economic Development in Nigeria from 1970-2010. Public capital accumulation was disaggregated into Federal Government capital expenditure on Administration, Economic sector, Social and Community services and Transfers. The stationarity and non stationarity of the data series were examined using group unit root test. The variables PCGDP, ECONS, ADM, SOC, and TRANSF attained stationarity after first differences. The Johansen cointegration test of trace and maximum Eigen value statistics was used to establish long run equilibrium relationship among the variables in the model. We also estimated the overparameterized and parsimonious ECM to account for short run dynamic adjustment required for stable long run equilibrium relationship among the variables in the model. The impact of ECON, ADM and SOC on economic development was positive and statistically insignificant while TRANSF was negative and statistically significant. The positive but insignificant impact of ADM, SOC, ECON is worrisome because these are the sectors that account for a huge amount of government capital expenditure. Transparency and accountability in the conduct of Government activities should be encouraged. Thus the entrenchment of the culture of transparency and accountability will help to conserve public resources for the many things the Government has to do for the society. Government should cut its spending particularly on projects and programs that generates least benefits or impose highest cost. The study showed that disaggregation of public capital accumulation truly revealed the impact of each component on economic development than aggregation.
The Timing of Mortality Decline and Human Capital Accumulation  [PDF]
Yusuke Hirota
Theoretical Economics Letters (TEL) , 2016, DOI: 10.4236/tel.2016.61005
Abstract: In this paper, we rigorously reinvestigate the effects of childhood mortality decline during different periods on human capital accumulation and economic development. For this purpose, we extend the basic framework of Azarnert (2006) by dividing childhood among three periods—early childhood (the period prior to school enrolment), school age (the school-enrolment period), and late childhood (the period posterior to school enrolment)—and assume a constant mortality rate for each period. We arrive at the following conclusions. The mortality decline after school age promotes human capital accumulation and economic development. The mortality decline after early childhood impedes human capital accumulation and economic development, but has no effect on the same after late childhood.
Fair Value, Capital Accumulation and Financial Instability: A Macrodynamic Model
Slaheddine Yagoubi,Mekki Hamdaoui
International Journal of Economics and Finance , 2013, DOI: 10.5539/ijef.v5n4p116
Abstract: This article examines the relationship between fair value accounting and ambivalences of the modern finance. The subprime crisis has opened the debate. Much empirical work at the micro level has developed to study the financial and economic impacts of this tool. The accelerator and amplificatory effect of this tool and its role and the cyclical transmission of contagion, remain ambiguous. In this regard, two points of view have proved controversial. We identify its shortcomings by a macro dynamic model for the purpose of stimulating financial stability. The interest rate is set by banks according to a weighting that varies with capacity utilization and capital accumulation. System stability is studied according to the Minsky’s regime which recognizes the role of interest rates as a source of crisis.
Determinants of Portfolio Flows to Ghana: A Dynamic Stochastic General Equilibrium Analysis  [PDF]
C.R.K. Ahortor,R.A Olopoenia
Journal of Applied Sciences , 2010,
Abstract: The dwindling and erratic official capital inflows to Ghana have necessitated attraction of private capital inflows. Although, efforts have been made in this regard very little is known about the factors that influence portfolio flows and the policy environment that will enhance inflows to Ghana. This study, therefore, investigates the determinants of portfolio flows to Ghana and outlines policy measures that will influence these flows. A Dynamic Stochastic General Equilibrium (DSGE) model is developed as the theoretical framework. The methodology is based on simulation and calibration using Markov Chain Monte Carlo (MCMC) techniques. Ghana-specific simulations are done to derive the policy and transition functions of the DSGE model. From the results, eight categories of determinants of portfolio flows to Ghana are identified. Increasing capital stock accumulation, international interest rate, public investment and its related shock and inflow dynamics will have positive impacts on both portfolio inflows and outflows with net portfolio inflows. However, increases in real domestic money balances, domestic interest rate, public expenditure on foreign good, distortionary tax rate and global inflation rate will generate appreciable negative impacts on both portfolio inflows and outflows. Capital flow dynamics and macroeconomic shocks generate the most significant impacts on portfolio flows. The findings suggest that appropriate fiscal and monetary policy coordination can help attract portfolio flows to Ghana.
Human capital accumulation and economic growth  [cached]
María Jesús Freire-Serén
Investigaciones Económicas , 2001,
Abstract: Este trabajo estudia cómo el capital humano afecta al crecimiento económico teniendo en cuenta que la renta determina a su vez la acumulación de capital humano. Para analizar esta simultaneidad, estimamos el sistema de ecuaciones dinámicas que describen el comportamiento de la economía. Con ello se obtienen tanto los parámetros de la función de producción como aquellos que caracterizan la acumulación de capital humano. La estimación conjunta del sistema dinámico revela evidencia a favor de la existencia del llamado efecto nivel de la educación en el crecimiento económico. El resultado cambia cuando no se considera la estimación conjunta.
Redistribution, Pension Systems and Capital Accumulation  [PDF]
Christophe Hachon
Financial Theory and Practice , 2008,
Abstract: In this paper we study the macroeconomic impact of a policy which changes the redistributive properties of an unfunded pension system. Using an overlapping generations model with a closed economy and heterogeneous agents, we show that a weaker link between contributions and benefits has an impact on the level of capital per capita if and only if there are inequalities in the length of life. Furthermore, this policy has positive implications for every economic agent if the system has a defined-benefit structure. The tax rate and inequalities decrease, whereas the wealth of each agent increases. However, with a defined-contribution pension system, this policy has a negative impact on every macroeconomic variable except on the wealth of the poorest agents.
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