Kumaraku, Klajdi and Naqvi, Nadeem and Rexhepi, Sara (2011): Embodied human capital unemployment.
Download (685kB) | Preview
Adam Smith (1776) devoted the first three chapters to the division of labor in his Inquiry into the Nature and Causes of the Wealth of Nations. This process, carried far enough, eventually results in a divergence between the distributions of supplies and demands of such horizontally-differentiated distinct types of human capital embodied in different persons, leading to the emergence of Embodied Human Capital Unemployment. We illustrate the relevance of this new concept of unemployment to the U.S economy in the first decade of the 21st Century. This helps achieve a deeper understanding of the current global economic crisis, and inter alia to identification of potentially effective, and potentially ineffective, public policies. (111 words).
|Item Type:||MPRA Paper|
|Original Title:||Embodied human capital unemployment|
|English Title:||Embodied human capital unemployment|
|Keywords:||Unemployment; Human Capital; International Trade; Economic Crisis; China; India; U.S.A.; International Capital Mobility|
|Subjects:||F - International Economics > F1 - Trade > F16 - Trade and Labor Market Interactions
E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy > E24 - Employment ; Unemployment ; Wages ; Intergenerational Income Distribution ; Aggregate Human Capital ; Aggregate Labor Productivity
F - International Economics > F0 - General > F02 - International Economic Order and Integration
F - International Economics > F2 - International Factor Movements and International Business > F21 - International Investment ; Long-Term Capital Movements
G - Financial Economics > G0 - General > G01 - Financial Crises
|Depositing User:||Nadeem Naqvi|
|Date Deposited:||28. May 2011 14:38|
|Last Modified:||03. Jul 2015 08:19|
Batra, Ravi, N and Nadeem Naqvi, (1989), “Non-traded and Intermediate Goods and the Theory of Protection,” European Economic Review, Vol. 33, pp. 721-735.
Jones, Ronald W., (1971), “A Three Factor Model in Trade, Theory and History,” Reprinted in Jones, Ronald W, (1979) Essay in International Trade, MIT Press.
Naqvi, Nadeem and Gerald Pech, (2009), “Implementation of a Human Resource Development Program,” (Mimeo), American University in Bulgaria.
Neary, J. Peter (1995), “Factor Mobility and International Trade,” Canadian Journal of Economics, Vol. 28, November, pp. S4−S23.
Robionson, Joan, (1937), Essays in the Theory of Employment, Cambridge University Press.
Smith, Adam (1776), An Inquiry into the Nature and Causes of the Wealth of Nations, 5th Edition, Random House: New York, 1937.
U.S. Department of Commerce, Bureau of Economic Analysis, February 2009.