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Knowledge: Its Creation, Distribution and Economic Significance Vol III: The economics of information and human capital
1984
by
Machlup and Machlup
Fritz Machlup
Human Capital
Knowledge Economics
Planned Economy
Public Goods
Empiricism
Uncertainty
Capital Theory
Expectations
Economic History
Welfare Economics
Adam Smith
Austrian School
Carl Menger
Eugen von Bohm-Bawerk
Frank Knight
Friedrich A. Hayek
Irving Fisher
Joseph Schumpeter
Ludwig von Mises
Subjective Value
Ideal Type
Valuation
Methodology
G.L.S. Shackle
Max Weber
Methodological Individualism
Monopolistic Competition
Profit and Loss
Equilibrium
Johann Heinrich von Thunen
Bureaucracy
Price Formation
Antoine Augustin Cournot
Cartels
Competition
Game Theory
Market Structure
Oligopoly
Perfect Competition
Ragnar Frisch
John von Neumann
Oskar Morgenstern
Consumer Sovereignty
George Stigler
Economies of Scale
Elasticity of Demand
Monopoly
Speculation
Nicholas Kaldor
John Maynard Keynes
Exchange Rates
Purchasing Power
Walter Bagehot
Insurance
Diminishing Returns
Unemployment
Joan Robinson
Labor Mobility
Price Theory
Productivity
Causality
Income Distribution
Trade Unions
Wages
Inflation
Money Market
Saving
Interest Rates
Stock Exchange
Accounting
Liquidity
Paul Samuelson
Interventionism
Externalities
Marginal Cost
Subsidies
Taxation
Collectivism
Individualism
Laissez-faire
Innovation
Marginal Utility
Knut Wicksell
Public Finance
Protectionism
Emil Sax
Property Rights
National Income
Economic Development
Economic Calculation
Federalism
Price Mechanism
Resource Allocation
Oskar Lange
Leon Walras
Human Action
Gustav Schmoller
Methodenstreit
Economic Goods
Lionel Robbins
Scarcity
A Priori
Positivism
Ordoliberalism
Phenomenology
Macroeconomics
Mathematical Economics
Microeconomics
Fiscal Policy
Monetary Policy
Karl Popper
Division of Labor
John Stuart Mill
Indifference Curves
Francis Ysidro Edgeworth
John Hicks
James Tobin
Neoclassical Economics
Keynesian Economics
Monetarism
Phillips Curve
Business Cycle Theory
Milton Friedman
Neutral Money
Monetary Theory
Education
Labor Market
Alfred Marshall
Fixed Capital
Entrepreneurship
Israel Kirzner
Infrastructure
Time Preference
Business Cycles
Social Policy
Capital Accumulation
Capital Structure
Social Justice
Minimum Wage
Jan Tinbergen
Deficit Spending
Price Level
Arthur Cecil Pigou
Socialism
Depreciation
Investment
Discount Rate
Malinvestment
Opportunity Cost
Capital Consumption
Capital Goods
Economic Efficiency
James Mill
Demography
Welfare State
Table of Contents · 491 segments
1
Title Pages
front matter
2
Copyright and Publication Data
front matter
3
Contents
front matter
4
Analytical Table of Contents: Chapter 1 Introduction
front matter
5
Analytical Table of Contents: Part One—The Economics of Knowledge and Information
chapter
6
Analytical Table of Contents for Part Two: Knowledge as Human Capital
essay
7
Foreword by Theodore W. Schultz
essay
8
Acknowledgments and Opening of Volume III, Chapter 1
essay
9
Chapter 1: Introduction and Opening of Part One
chapter
10
Chapter 2: Old Roots and New Growth - Introduction
chapter
11
Strong Roots in Old Writings
chapter
12
Informed Choices Presuppose Information, But Not Complete Knowledge
chapter
13
Informed Choices, Economic Agents, and Knowledge of Changes
theoretical
14
Subjective and Objective Knowledge
theoretical
15
Continuation of Footnote 15 on Knowledge of States and Changes
footnotes
16
Participants, Observers, and Economic Knowledge (continued)
theoretical
17
Positive and Evaluative Propositions
theoretical
18
Objective and Subjective Rationality
theoretical
19
Behavioral Firm Research and the Economics of Uncertainty and Information
theoretical
20
Subjective Uncertainty, Forecasting, and Economic Theory
theoretical
21
Maximum Profit versus Security
theoretical
22
Profit Maximization, Security, and Risk Preferences
theoretical
23
Maximum Profit versus Most-Favored Odds and the Transition to Risk and Uncertainty
theoretical
24
Risk, Uncertainty, and Business Expectations
theoretical
25
Concluding Distinctions on the Effects of Uncertainty
theoretical
26
Information: Its Effects on Economics and on the Economy
theoretical
27
Effects of Information on Economics
theoretical
28
Effects of Information on the Economy
theoretical
29
Chapter 3 Introduction: Information and Prices in Markets
chapter
30
Seller's Uncertainty: Market Position, Collusion, and Noncollusive Duopoly
theoretical
31
Oligopoly Game Theory: Notes and Simon's Critique
theoretical
32
Advertising as Seller-Produced Information
theoretical
33
Effects of Advertising on Buyers: Search Goods, Experience Goods, and Full Price
theoretical
34
Advertising as Provision of Knowledge versus Taste Manipulation
theoretical
35
Advertising Effects on Market Constellation
theoretical
36
Futures Markets: Spot and Futures Prices, Hedging, and Speculation
theoretical
37
Footnotes on Equilibrium Price Distribution and Butters’s Advertising-Price Model
footnotes
38
Hedging, Speculation, and the Welfare Evaluation of Risk Bearing
theoretical
39
Premiums and Discounts, Carrying Costs and Inventories
theoretical
40
Commodity Carrying Charges, Storage, and Forecasting Limits
theoretical
41
The Future Spot Price and the Present Price of the Future
theoretical
42
Volatility of Spot and Futures Prices
theoretical
43
Forward-Exchange Markets
theoretical
44
Foreign-Exchange Markets: Interest Parity, Information, and News
theoretical
45
Insurance Markets: Probability, Risk Pooling, and Disparate Knowledge
theoretical
46
Insurance Premiums, Risk Classes, and Information Problems
theoretical
47
Adverse Selection in Insurance
theoretical
48
Moral Hazard and Insurance Incentives
theoretical
49
Information Asymmetry in Product Markets
theoretical
50
Knowledge About Quality and the Market for Lemons
theoretical
51
Quality Uncertainty and the Market for Lemons
theoretical
52
Seller's Guarantees and Liability
theoretical
53
Consumer Protection, Knowledge Disparity, and Moral Hazard
chapter
54
Consumer Misperceptions, Guarantees, and Moral Hazard (continued)
theoretical
55
Searching for the Best Buy
theoretical
56
Screening and Signaling
theoretical
57
Quality Competition
theoretical
58
Buyers Judging Quality by Price
theoretical
59
Chapter 4 Introduction: Labor and Financial Markets
chapter
60
Labor Markets: Information Problems and the Rise of Job Search Theory
theoretical
61
Search for Workers and Jobs; Opening on Wage Differentials and Discrimination
theoretical
62
Wage Differentials, Racial Earnings Gaps, and Labor Market Discrimination
theoretical
63
Racial Wage Discrimination: Monopsony, Preferences, Caste, and Statistical Discrimination
theoretical
64
Lower Earnings of Women
theoretical
65
Gender Earnings Differentials and Non-Sex Explanatory Variables
chapter
66
Discrimination Against Women
chapter
67
Sex Discrimination in Educational and Occupational Choices
chapter
68
Job Experience of Women: Later, Shorter, and Discontinuous
chapter
69
Women’s Job Types, Training Incentives, and Gendered Employment Distribution
theoretical
70
Information Economics, Women’s Wage Differentials, and Statistical Discrimination
theoretical
71
Trade-Union Wage Push, Long-Run Adjustment, and Employer Expectations
theoretical
72
Rational Expectations, Short-Run Effects, and Union Wage Pressures
theoretical
73
Financial Markets: Supply, Demand, Credit Terminology, and Information
theoretical
74
Customer Market for Loans: Borrower Information and Monopsonistic Competition
theoretical
75
Information, Loan Limits, and Borrower-Lender Knowledge in Customer Credit Markets
theoretical
76
Credit Rationing and the Relation between Availability and Cost
theoretical
77
Personal and Impersonal Financial Markets
theoretical
78
The Stock Market: Functions of the Equity Securities Market
theoretical
79
Stock Market Pricing Theories and Information Effects
chapter
80
Stock Market Information Flows and the So-Called Efficient Market
theoretical
81
Efficient Markets, Martingales, Gambling Models, and Keynes’s Beauty Contest
theoretical
82
Keynes’s Beauty-Contest View of Stock-Market Speculation and Its Critique
theoretical
83
Information, Screens, and Signals in Stock Valuation
theoretical
84
Asset Risk and Dispersion of Analysts’ Forecasts
theoretical
85
Asset Risk as Judged by the Dispersion of Analysts’ Forecasts
theoretical
86
The Total Asset Portfolio
theoretical
87
Chapter 5: Public Decisions and Public Goods - Introduction
chapter
88
Public Decision-Making
theoretical
89
Market Failure
theoretical
90
Producing Too Little or Too Much
theoretical
91
Objective Functions and the Social Optimum
theoretical
92
Social versus Private Choices
theoretical
93
Collective Decision-Making and Market Limits
theoretical
94
Public or Social Goods: Introductory Overview
theoretical
95
Private versus Public Goods
theoretical
96
Congestion and Mixed Goods
theoretical
97
Congestion and Impure Public Goods
theoretical
98
Exclusion of Free Riders
theoretical
99
The Demand for Public Goods
theoretical
100
Continuation: Public-Good Valuation and Imaginary Demand Curves
theoretical
101
Unrevealed Preference for Public Goods and Services
theoretical
102
A "Pseudo-Demand Algorithm"
theoretical
103
Voting as a Substitute for Individual Consumer Choice
theoretical
104
Bowen’s Voting Scheme for Public Goods: Assumptions and Critique
theoretical
105
Other Voting Schemes for Getting Preferences Revealed
theoretical
106
Demand-Revealing Voting Procedures and Their Limitations
theoretical
107
Alternatives to Voting
theoretical
108
Convergence of Public Goods Theory and Socialist Planning
theoretical
109
Public Goods Privately Sold Above Marginal Cost
theoretical
110
Multiple Services from a Given Facility
theoretical
111
Multipurpose Public Goods, Schooling, and Misunderstandings of Public-Good Terminology
theoretical
112
The Park, the Birdwatchers, and the Lovers
theoretical
113
Degrees of Externality
theoretical
114
Literal Externalities and Park Public Goods
theoretical
115
Psychic Public Goods
theoretical
116
Psychic Public Goods and Awareness Effects (continued)
theoretical
117
Pragmatic Implications of the Theory of Public Goods
theoretical
118
Chapter 6: New Knowledge, Dispersed Information, and Central Planning — Introduction
chapter
119
Knowledge as a Public Good
theoretical
120
Existing Knowledge versus New Knowledge
theoretical
121
Porat Information Economy Footnote and Transition to New Knowledge
footnotes
122
Generation and Use of New Knowledge: Historical Origins of Patent Monopolies
theoretical
123
Patent Incentives, Monopoly Costs, and Subjective Expectations
theoretical
124
Pessimistic Monopolists, Imitation Lags, and Patent Incentives
theoretical
125
Underproduction of New Technology
theoretical
126
Underproduction of Technological Ideas Despite Patents
theoretical
127
The Consumers' Free Rides; Joint Producers' and Consumers' Interests
theoretical
128
Joint Producers' and Consumers' Interests
theoretical
129
Advantages in Foreseeing Price Changes
theoretical
130
Fishing for New Ideas, and the Rush to Invent
theoretical
131
Patent Races, Search Rights, and Evaluation of the Patent System
theoretical
132
Confusing Uses of Terms and Figures
theoretical
133
Expenditures for Research and the Growth of the Economy
theoretical
134
Research and Development, Productivity Feedback, and Unbalanced Growth
theoretical
135
The Transfer of Knowledge
theoretical
136
Technological Know-How, Secrecy, and the Conditions of Transfer
theoretical
137
Nontechnological Commercially Useful Knowledge
theoretical
138
Dispersed Knowledge and Central Planning
theoretical
139
Division and Dispersion of Knowledge
theoretical
140
Division and Dispersion of Knowledge
theoretical
141
Economic Calculation in Socialist Planning
theoretical
142
Economic Calculation in Socialist Planning
theoretical
143
The Efficiency of the Information System Serving the Economic Process
theoretical
144
Footnote 53: Informational Decentralization and Noncentralization
footnotes
145
Limits of Centralized Planning and Introduction to Noncentralized Market-Socialist Procedures
theoretical
146
Malinvaud’s Feedback Shuttle as Iterative Planning
theoretical
147
Malinvaud’s Public-Goods Feedback Shuttle and Preference Revelation
theoretical
148
The “Language” of the Mechanism
theoretical
149
Reservations and Apprehensions
theoretical
150
Reservations on Sequential Bidding, Innovation, and Quality Differentiation
theoretical
151
Tâtonnement as Programming, Sequential Trades, or Heuristic Fiction
theoretical
152
Tâtonnement, Continuous Change, and Limits of Welfare Economics
theoretical
153
The Administrative Cost of Central Planning
theoretical
154
Chapter 7 Introduction: Empirical Research, Theoretical Analysis, Applied Inquiry
chapter
155
Empirical versus Theoretical
theoretical
156
Empirical Research: Domain and Comparison
theoretical
157
Types of Empirical Research
theoretical
158
Applied Inquiry Between Observation and Construction
theoretical
159
Empirical Research in the Social Sciences
theoretical
160
Research on Economic Decision-Making
theoretical
161
Empirical Research Techniques and the Interdependence of Observation and Theory
theoretical
162
Segregation and Integration
theoretical
163
Scarcity and Economy
theoretical
164
The Economic Theorist in Paradise: Apriorism, Empiricism, and Applicability
theoretical
165
Counterfactual Assumptions: Domain of Construction
theoretical
166
Footnotes to Kaufmann, Carnap, and Methodology
footnotes
167
Counterfactual Assumptions: Relevance, Realism, and Causal Analysis
theoretical
168
Types of Theoretical Analysis in Economics
theoretical
169
Micro- and Macrotheories in the Economics of Information (continued)
theoretical
170
Theories Emphasizing or Bypassing the Intervention of the Mind
theoretical
171
Explanations of Observations, and Tests of Constructions
theoretical
172
The Schema of the Three Domains
theoretical
173
The Schema of the Three Domains: Dichotomy within Application
theoretical
174
The Instrument and the Objective
theoretical
175
Measurements
theoretical
176
Human Capital Estimates as Illustrations of Theory
theoretical
177
Testing versus Illustrating
theoretical
178
Distribution of Research among the Three Domains
essay
179
Operational Definitions Needed for the Count
essay
180
The Actual Count
essay
181
The Infrequency of Purely Empirical Research
essay
182
Chapter 7 Conclusion: Explanations for the Scarcity of Published Data-Without-Theory Research
chapter
183
Appendix to Chapter 7: Purpose and Scope
chapter
184
Operational Definitions of Empirical and Applied Research
chapter
185
Operational Definition of Abstract-Theoretical Analysis
chapter
186
The Contents of Journals
chapter
187
The Contents of Journals: Scope and Cautions for the Journal Assay
chapter
188
Classification by Subject Matter: Knowledge and Information versus Other Subjects
chapter
189
Classification by Mode of Treatment: Theoretical versus Applied and Empirical
chapter
190
Comparison of Modes of Treatment of Knowledge and Information and Other Subjects
chapter
191
Comparison of Methodological Modes in Knowledge and Information Economics
chapter
192
Chapter 8: Economic Agents, Ideal Types, and Empirical Counterparts
chapter
193
Special Economic Agents and Multiple Economic Roles
theoretical
194
List of Special Economic Agents Acting on or Reacting to New Information
theoretical
195
Information Relevant for Special Economic Agents
theoretical
196
Equilibrium and Equilibration in Economic Information Theory
theoretical
197
Equilibrium as a Mental Aid and Mirage
theoretical
198
Equilibrium of the Household
theoretical
199
Equilibrium of the Firm and Transition to Dynamic Analysis
theoretical
200
Dynamic Process Analysis and Comparative Statics Continued
theoretical
201
Equilibrium of the Firm: Firm Decisions, Curves, and Uncertainty
theoretical
202
Equilibrium of the Industry
theoretical
203
Equilibrium of the Market
theoretical
204
General Equilibrium of the Whole Economy
theoretical
205
General Equilibrium: Simplified Models and Core Problems
theoretical
206
Aggregative Equilibrium
theoretical
207
Asset-Portfolio Equilibrium
theoretical
208
Aggregate Asset Preferences, Portfolio Theory, and Portfolio Equilibrium
theoretical
209
Equilibrium of Expectations
theoretical
210
Continuation: Information, Subjective Expectations, and the Rational Expectations Precursor
theoretical
211
Expectations: Shackle and the Range of Economic Agents
theoretical
212
Statistical Probability, Subjective Probability, and Shackle’s Potential Surprise
theoretical
213
Economic Man, Rational Expectations, and Machlup’s Terminological Protest
theoretical
214
Strong Rational Expectations and Anticipated Monetary Policy
theoretical
215
Rational Expectations, Monetary Policy, and Nonneutral Money
theoretical
216
Irrational Implications of Rational Expectations
theoretical
217
Critique of Rational Expectations and Monetary Policy Assumptions
theoretical
218
Critique of Rational-Expectations Equilibrium in Monetary Policy
theoretical
219
Chapter 9 Introduction: The Expanding Specialty, Surveys and Classifications
chapter
220
The Expanding Specialty: Old Roots and Recognition as a Field
chapter
221
Subject Indexes, Journal Titles, and Literature Surveys as Evidence of Specialty Formation
chapter
222
Textbook, Journal, and Survey Evidence for the Economics of Information
essay
223
Classifications, Subclassifications, and University Courses
essay
224
Books of Readings and Conference Proceedings
essay
225
Recognition Lag and Growth of the Economics of Information and Knowledge Literature
chapter
226
Surveys, Bibliographies, and Classifications: Opening and JEL Publication Estimate
chapter
227
Classifying the New Specialty
chapter
228
Cooper’s Three Major Classes and Lamberton’s Six Headings
chapter
229
Olson’s Fourteen Categories
chapter
230
Surveys with Special Emphases
chapter
231
Patent Protection and Inventive Activity as Older Topics in the Economics of Knowledge
chapter
232
The Theory of Games
theoretical
233
The Theory of Human Capital
theoretical
234
Rise and Bibliography of Human Capital Theory
theoretical
235
Comprehensive Classifications of the Economics of Information
theoretical
236
Hirshleifer's Market Information Classification, Omitted Topics, and the 1976 Expository Survey
chapter
237
Hirshleifer and Riley's 1979 Analytics of Uncertainty and Information
chapter
238
Hirshleifer and Riley’s Economics of Information Classification
chapter
239
Stiglitz’s Outline for Information and Economic Analysis
chapter
240
Criteria and Usability in Classifying the Literature of Information Economics
chapter
241
Special Bibliographies versus Intellectual Histories
chapter
242
Chapter 10: A New Classification and Seventeen Subject Groups
chapter
243
Group 1: Economics of Knowledge and Information—General
chapter
244
Group 2: Production and Distribution of Knowledge
chapter
245
Group 3: Ignorance, Chance, Risk, and Uncertainty
chapter
246
Group 4: Entrepreneurship, Profit, Uncertainty, Innovation, and Alertness
chapter
247
Group 5: New Knowledge, Innovation, Imitation, and Economic Growth
chapter
248
The Transfer of Technology and Know-How
chapter
249
Economic Forecasting
chapter
250
Cost and Value, Private or Social, of Information and Alternative Information Systems
chapter
251
Decision Theory and Game Theory
chapter
252
Decision-Making by Consumers with Incomplete and Uncertain Knowledge
chapter
253
Decision-Making by Workers and Job Seekers with Incomplete and Uncertain Knowledge
chapter
254
Decision-Making by Private Firms, in Various Market Positions, with Incomplete and Uncertain Knowledge
chapter
255
Policy-Making by Governments and Public Agencies with Incomplete and Uncertain Knowledge
chapter
256
The Formation and Revision of Expectations and Their Role in Economic Dynamics
chapter
257
The Role of Information, Knowledge, Expectations, Risks, and Uncertainty in Markets and Prices
chapter
258
Prices as Information System, Market Economies, Planned Economies, and National Planning
chapter
259
Human Capital: The Accumulation of Knowledge and Skills
chapter
260
Chapter 11 introduction: sample bibliography methodology
chapter
261
1.1 General bibliography: economics of knowledge and information
bibliography
262
1.2 Collective works and anthologies
bibliography
263
1.3 Surveys, bibliographies, and classifications
bibliography
264
2.1 General bibliography: knowledge industries and information services
bibliography
265
2.2 Education
bibliography
266
2.3 Research and development
bibliography
267
2.4 Print media of communication
bibliography
268
2.5 Electronic mass media of communication
bibliography
269
2.6 Addressed telecommunication
bibliography
270
2.7 Artistic creation and communication
bibliography
271
2.8 Libraries
bibliography
272
2.9 Science information services
bibliography
273
2.10 Technological information services
bibliography
274
2.11 Medical and health information services
bibliography
275
2.12 Other professional information services
bibliography
276
2.13 Financial information services
bibliography
277
2.14 Business information services and management
bibliography
278
2.15 Government information services
bibliography
279
2.16 Advertising and public relations
bibliography
280
2.17 Information machines and equipment
bibliography
281
Ignorance, Chance, Risk, and Uncertainty: General Bibliography
bibliography
282
Uncertainty and Time Preference Bibliography
bibliography
283
Money and Liquidity Bibliography
bibliography
284
Insurance Bibliography
bibliography
285
Gambling Bibliography
bibliography
286
Hedging and Speculation Bibliography
bibliography
287
Guarantees Bibliography
bibliography
288
Bibliography: Uncertainty, Risk Aversion, Entrepreneurship, and Profit
bibliography
289
Bibliography: New Knowledge, Invention, Innovation, and Economic Growth—General Works
bibliography
290
Bibliography: Inventive Activity
bibliography
291
Bibliography: Innovative Activity
bibliography
292
Bibliography: Competitive Imitation
bibliography
293
Bibliography: Learning by Doing
bibliography
294
Bibliography: Obsolescence of Knowledge and Skills
bibliography
295
Bibliography: Patents, Copyrights, and Incentives to Create Knowledge
bibliography
296
Bibliography: Technology, Economic Welfare, and Growth
bibliography
297
6. The Transfer of Technology and Know-How
bibliography
298
Economic Forecasting
bibliography
299
Cost and Value, Private or Social, of Information and Alternative Information Systems
bibliography
300
Decision Theory and Game Theory: General Bibliography
bibliography
301
Statistical Decision Theory Bibliography
bibliography
302
Theory of Games Bibliography
bibliography
303
Game Theory of Oligopolistic Competition Bibliography
bibliography
304
Group Decision-Making and Bargaining Bibliography
bibliography
305
Decision-Making by Consumers with Incomplete and Uncertain Knowledge: General
bibliography
306
Decision-Making by Consumers: Search Effort
bibliography
307
Decision-Making by Consumers: Learning from Experience
bibliography
308
Decision-Making by Consumers: Legal Protection Against Risk
bibliography
309
Decision-Making by Consumers: Buying Insurance
bibliography
310
Decision-Making by Consumers: Saving and Asset Holding
bibliography
311
Decision-Making by Workers and Job Seekers with Incomplete and Uncertain Knowledge: General
bibliography
312
Decision-Making by Workers: Mobility, Geographic and Occupational
bibliography
313
Decision-Making by Workers: Employment Exchanges
bibliography
314
Decision-Making by Workers: Wage and Job Search
bibliography
315
Decision-Making by Workers: Search-Unemployment
bibliography
316
Decision-Making by Workers: Work Effort, Quality, and Earnings
bibliography
317
Decision-Making by Workers: Job Training and Work Experience
bibliography
318
Decision-Making by Workers: Bargaining, Strikes, and Settlements
bibliography
319
Decision-Making by Private Firms with Incomplete and Uncertain Knowledge: General
bibliography
320
Decision-Making by Private Firms: Market Positions
bibliography
321
Decision-Making by Private Firms: Operations Research and Activities Analysis
bibliography
322
Decision-Making by Private Firms: Investment, Capital, Dividends
bibliography
323
Decision-Making by Private Firms: Organization and Expansion
bibliography
324
Decision-Making by Private Firms: Job, Wage, and Price Discrimination
bibliography
325
Decision-Making by Private Firms: Advertising, Signaling, and Screening
bibliography
326
Decision-Making by Private Firms: Deception and Fraud
bibliography
327
Policy-Making by Governments and Public Agencies with Incomplete and Uncertain Knowledge: General
bibliography
328
Policy-Making by Governments: Tax Policies
bibliography
329
Policy-Making by Governments: Macropolicies
bibliography
330
Policy-Making by Governments: Micropolicies
bibliography
331
Policy-Making by Governments: Public Investments, Subsidies, and Public Goods
bibliography
332
Policy-Making by Governments: Benefit-and-Cost Analysis
bibliography
333
Policy-Making by Governments: Research Policies and Development Policies
bibliography
334
Bibliography 14.1: General Theories of Expectations
bibliography
335
Bibliography 14.2: Expectations of Changes in Prices and Sales
bibliography
336
Bibliography 14.3: Expectations of Changes in Interest Rates
bibliography
337
Bibliography 14.4: Expectations of Changes in Income
bibliography
338
Bibliography 14.5: Expectations of Wages, Price Levels, and Employment
bibliography
339
Bibliography 14.6: Expectations of Investment and Consumption
bibliography
340
Bibliography 14.7: Expectations of Foreign-Exchange Rates
bibliography
341
Bibliography 15.1: Information, Risk, Uncertainty, and Market Equilibrium
bibliography
342
Bibliography 15.2: Product Markets under Imperfect Information
bibliography
343
Bibliography 15.3: Information in Labor Markets
bibliography
344
Bibliography 15.4: Capital Markets and Information
bibliography
345
Bibliography 15.5: Stock Markets and Asset Portfolios
bibliography
346
Bibliography 15.6: Short-Term Credit Markets
bibliography
347
Bibliography 15.7: Insurance Markets and Health-Care Systems
bibliography
348
Bibliography 15.8: Foreign-Exchange Markets
bibliography
349
Bibliography 15.9: Futures Markets
bibliography
350
Bibliography 16.1: Prices as Information Systems in Resource Allocation
bibliography
351
Bibliography 16.2: Market Failures and Public Goods
bibliography
352
Bibliography 16.3: Markets versus Central Plans
bibliography
353
Bibliography 16.4: Indicative Programming in Market Economies
bibliography
354
Bibliography 16.5: Plans and Plan Execution in Socialist Countries
bibliography
355
Bibliography 16.6: Market Socialism
bibliography
356
Bibliography 17.1: General Human Capital Theory
bibliography
357
Bibliography 17.2: Human Capital Contributions to Productivity
bibliography
358
Bibliography 17.3: Differential Earnings Flows and Their Sources
bibliography
359
Bibliography 17.4: Rates of Return to Schooling
bibliography
360
Bibliography 17.5: On-the-Job Training, Investment, and Earnings
bibliography
361
Bibliography 17.6: Individual Decisions and Labor-Market Phenomena
bibliography
362
Bibliography 17.7: The Stock of Human Capital
bibliography
363
Bibliography 17.8: Public Policies for Education, Training, and Manpower; Transition to Knowledge as Human Capital
bibliography
364
Chapter 12: Basic Notions of Capital Theory and the Stock of Real Capital
chapter
365
Valuing Capital Stocks, Revaluations, and Lessons from Past Investment
theoretical
366
Graphical Elucidation of Accumulated Costs and Expected Returns
theoretical
367
Options for Future Uses of Existing Capital Goods
theoretical
368
Purpose-Specific Measures of Capital and Transition to Human Capital
theoretical
369
Chapter 13: Investment in Human Resources and Productive Knowledge — Definitions and Distinctions
chapter
370
Investments That Improve Human Capacities
theoretical
371
Investing in Knowledge versus Using Knowledge in Making Investments
theoretical
372
Migration, Job Information, and the Boundary of Knowledge Investment
theoretical
373
Kendrick’s Tangible Human Capital and the Critique of Rearing-Cost Measurement
theoretical
374
Variants in Measuring Human Capital and Net Social Value
theoretical
375
Three Categories of Knowledge Capital
theoretical
376
Formation of Human Capital Through Education
theoretical
377
Education, Productivity Effects, and Job Training as Knowledge Dissemination
theoretical
378
In-Service Training, General Training, and Specific Training
theoretical
379
Incremental Schooling as a Human Capital Investment
theoretical
380
Footnotes to In-Service Training
footnotes
381
Education-Work Options, Opportunity Costs, and Earnings Expectations
theoretical
382
The Human-Capital Approach
theoretical
383
Chapter 14: Private and Social Valuation—Who Estimates, Who Valuates?
chapter
384
The Voice of Society, Benefit-Cost Categories, and Income Differentials
chapter
385
Alternative Educational Investments, Waste, Social Justice, and Fast Pay-Off Training
chapter
386
Chapter 15 Introduction: Human Capacity Created by Nature and Nurture
chapter
387
Genetic Endowment and Conscious Improvement
theoretical
388
Intelligence, Inherited and Acquired
theoretical
389
Ability Tests
theoretical
390
Mental Ability, Knowledge, and Intellectual Growth
theoretical
391
Avoiding the Regress to Genes
theoretical
392
Growth and Cultivation of Mental Capacity
theoretical
393
Chapter 16: The Route from Investments to Returns — Opening Causal Chain
chapter
394
Ability and Capacity
theoretical
395
Capacity and Performance
theoretical
396
From Ability and Capacity to Job Performance (continued)
theoretical
397
Performance and Earnings; Various Influences on Ability, Capacity, Performance, and Earnings
theoretical
398
Socioeconomic Status, Siblings, and Parental Influence on Earnings
theoretical
399
Family Influences on Ability, Schooling, and Earnings
theoretical
400
Family Influence, Social Origins, and Educational Outcomes (continued)
theoretical
401
Cross-Influences and Recursive Dependences
theoretical
402
Other Causal-Chain Models
theoretical
403
Causal-Chain Model of Learning Capacity, Teacher Effects, and School Effects
theoretical
404
School Inputs, Teacher Effects, and Schoolmate Effects in Educational Achievement
theoretical
405
School Achievement, Home Background, and Empirical Testing
theoretical
406
Improvement of Capacity as Formation of Capital
theoretical
407
Chapter 17: Production Functions: The Choice of Variables — Introduction
chapter
408
The Outputs: Ability, Capacity, Performance, Occupational Rank, and Earnings
theoretical
409
Educational Production Functions: Surveys and Variables
chapter
410
Educational Production Functions: Murnane and Summers-Wolfe
theoretical
411
Input: Years of Schooling; Output: Annual Earnings
theoretical
412
Do the Data Tell the Story?
theoretical
413
Composition Effects and the Productive Contribution of Schooling
theoretical
414
Factor Analysis, Multiple Regression Analysis, Path Analysis
theoretical
415
Wanted: Good Proxies for Nonobservables and the Next Focus on Schooling Effects
theoretical
416
Isolating the Effects of Schooling and Opening the Variable-Model Discussion
theoretical
417
Econometric Models of Schooling, Ability, Background, and Earnings
chapter
418
Education, School Quality, IQ, and Earnings Models
theoretical
419
Special Choices of Variables
theoretical
420
Working Hours and Leisure Time
theoretical
421
Working Hours and Leisure Time
chapter
422
Causes, Proxies, Cues, and Miscues
chapter
423
The Places for Ability and Socioeconomic Background
chapter
424
Ability, Innate Intelligence, and Methodological Issues in Returns to Schooling
chapter
425
Longitudinal Data, Cross-Section Bias, and Returns to Schooling
theoretical
426
Production Function and Human-Capital Approach
theoretical
427
Footnote 45: Underutilized Human Capital and Schooling
footnotes
428
Productivity versus Credentials: screening, credentialism, and empirical tests
chapter
429
Private Gain and Social Loss: Arrow’s model of higher education as a filter
theoretical
430
Concluding Speculations: possible erosion of credentialism
theoretical
431
Chapter 19: Depreciation of Knowledge Stocks and Human Capital — Introduction
chapter
432
Stocks of Knowledge and Human Capital
theoretical
433
Knowledge as Consumption Capital
theoretical
434
Productive Human Capital versus Consumption Capital (continued)
theoretical
435
Depreciation of Capital, Physical and Human
theoretical
436
The Causes of Depreciation of Human Capital (opening)
theoretical
437
Net Human Capital Formation and Causes of Depreciation
theoretical
438
Termination as Depreciation of Human Capital
theoretical
439
Deterioration and Obsolescence of Human Capital
theoretical
440
Obsolescence of Nonembodied Knowledge
theoretical
441
Obsolescence of Nonembodied Technological Knowledge and R&D Capital
theoretical
442
R&D Lags, Knowledge Capital Valuation, Obsolescence, and Staged Technological Development
theoretical
443
Benchmarks and Depreciation Rates for R&D Knowledge Capital
theoretical
444
Obsolescence of Human Knowledge Carriers
theoretical
445
Measuring Obsolescence, Deterioration, and Human Capital
theoretical
446
Decline in Scarcity Value
theoretical
447
Private versus Social Human Capital under Wider Dissemination of Knowledge
theoretical
448
Erosion of Skills Through Work Interruptions
theoretical
449
Depreciation of Private and Social Human Capital
theoretical
450
Human Capital Accounting and the Correct Rate of Depreciation
theoretical
451
Depreciation of Human Capital from Deterioration and Obsolescence
theoretical
452
Numerical Illustrations of Human Capital Depreciation
theoretical
453
Depreciation of Human Capital with Declining Earnings
theoretical
454
Purposes of Depreciation Accounting
theoretical
455
Footnote on Depreciation Deductions for Physical and Human Capital
footnotes
456
Gross National Product and Its Components
theoretical
457
Chapter 20: Profiles of Lifetime Learning and Earning
chapter
458
Patterns in the Distribution of Earnings
chapter
459
Recorded Data and Processed Numbers
chapter
460
The Existence of Growth Jobs
chapter
461
Cohorts, Time Series, and Cross-Sectional Data
chapter
462
Earnings Differentials, Earnings Distribution, and Rates of Return
chapter
463
Optional School-Leaving Ages, Employment, and Retirement
chapter
464
Investing in Future Options
chapter
465
Chapter 21 Introduction: Rates of Return to Investment in Education
chapter
466
The Size and the Rate
theoretical
467
Even Bad Investments May Have Positive Returns
theoretical
468
The Stock of Human Capital and the Returns
theoretical
469
The Stock of Human Capital and the Returns
theoretical
470
Different Returns from Different Fields of Study
theoretical
471
Need for Disaggregated Studies of Human Capital Returns
theoretical
472
Empirical Rates of Return to Education in the United States and Developing Countries
essay
473
Country Rates of Return to Higher Education and Transition to Diminishing Returns
essay
474
Diminishing Returns Applied to Educational Investment
theoretical
475
Empirical Research on Changing Rates of Return: Gary Becker
essay
476
Empirical Evidence on Declining Rates of Return to Schooling
chapter
477
Qualifications on Pecuniary and Nonpecuniary Returns to Education
chapter
478
Returns to Education: Nonpecuniary Payoffs and Nonseizable Human Capital
theoretical
479
Complementarity of Human and Physical Capital
theoretical
480
Index Entries: Ability to Adjustment Process
bibliography
481
Index entries: advertising through Colberg
bibliography
482
Index: Coleman to Earnings
bibliography
483
Index Entries: Earnings and Schooling to Girshick
bibliography
484
Index Entries: Gladwin to Innovation
bibliography
485
Index entries: innovation through knowledge industries
bibliography
486
Index entries: knowledge stocks to misinformation
bibliography
487
Index: Mitchell to product
bibliography
488
Index entries: production through schooling
bibliography
489
Index entries from schooling through Tiao
bibliography
490
Index Entries T-Z
bibliography
491
Library of Congress Cataloging in Publication Data
bibliography