Micro Evidence on Human Capital as the Engine of Growth.

This study examines a crucial assumption in much of the recent work on endogenous growth, namely, constant returns to scale in the production of human capital. A simple model is constructed to show that the returns to scale in human capital production can be inferred from the relationship between the wage rate and years of schooling. A large international micro dataset is used to estimate this relationship. The empirical evidence is decisive. There are decreasing returns to scale in human capital production; that is, the micro-level evidence is not supportive of endogenous growth driven by human capital accumulation.GROWTH RATE ; PRODUCTION ; HUMAN CAPITAL

Nonlinearity in the return to education

This study estimates marginal rates of return to investment in schooling in 12 countries. Significant systematic nonlinearity in the marginal rate of return is found. In particular, the marginal rate of return is increasing significantly at low levels of education, and decreasing significantly at high levels of education. This may help explain why estimates of the return to schooling are often considerably higher when instrumenting for education.return to education, nonlinearity, instrumental variables

High returns: public investment in higher education

Conservatively speaking, a college graduate generates $142,000 in state fiscal benefits over time while costing a state only$60,500. But trends in higher education allocations (4.1 percent of total state spending nationwide in 1984; 1.8 percent in 2004) suggest states have become shortsighted.Education - New England ; Education - Economic aspects ; College graduates ; College graduates - New England

Effect of the COVID-19 Pandemic on the Labor Market in 2020

The disruption of the labor market caused by the COVID-19 pandemic was unprecedented. The unemployment rate in February 2020, just before the pandemic spread to the United States, was 3.5 percent nationally and 3.2 percent in Maine; two months later, the unemployment rate jumped to 14.8 percent nationally and 10.4 percent in Maine. Although usually changes in the unemployment rate reliably indicate changes in the health of economy, that was not the case during the COVID-19 pandemic. The harm to the labor market in 2020 was even worse than indicated by the dramatic increase in unemployment. In addition to the unprecedented spike in unemployment, there was an unprecedented decrease in labor force participation. There were also an important increase in absence from work and an important decline in average weekly hours of work among those employed. This article takes an in-depth look at these trends both nationally and in Maine

De facto state normalisation in a time of crisis: an analysis of Transnistria’s management of the COVID-19 pandemic

The COVID-19 pandemic has thrown the world into a global public health crisis unlike anything experienced this century, throwing people’s lives and the international system into chaos. At this time, we do not have a complete understanding of the influence this pandemic may have had on international relations; nevertheless, it is interesting and important to begin analysing immediate changes. Thus, this thesis aims to take this context of the COVID-19 pandemic and apply it to an underrepresented political entity: the de facto state. The de facto state experience is already unique due to non-recognition and relative segregation from the international community; pairing this with the pandemic provides a compelling research opportunity for analysing the intersection of capacity to act vs. dependence and international engagement vs. isolation. Along these lines, this thesis proposes that the circumstances of crisis allow for altering the level of ‘normalisation’ of the de facto state in the international system. Through demonstrating capacity/incapacity and engagement/isolation de facto state authorities may be able to alter their perception from the international community.https://www.ester.ee/record=b5447584*es

Recent Developments in the Labor Market in Maine

This report examines recent developments in Maine’s labor markets. This study also calculates a projection of recent labor market trends into the future to show the likely changes ahead unless significant policy changes are made

Micro evidence on human capital as the engine of growth

This study examines a crucial assumption in much of the recent work on endogenous growth, namely, constant returns to scale in the production of human capital. A simple model is constructed to show that the returns to scale in human capital production can be inferred from the relationship between the wage rate and years of schooling. A large international micro dataset is used to estimate this relationship. The empirical evidence is decisive. There are decreasing returns to scale in human capital production; that is, the micro-level evidence is not supportive of endogenous growth driven by human capital accumulation

Workforce Development in Maine: Held Back by the Lack of HigherEducation

This study examines what we believe to be the crucial issue for workforce development in Maine, namely, higher education. The intent of this report is to provide some factual context that will be useful for policy analysis for the state

Maine’s State- and Local-Government Payroll and Expenditure

This report examines state- and local-government spending in Maine in comparison to other states