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The Impact of Basic Institutions on Economic Growth and Human Capital Development

Explore how institutions such as government, marketplace, school, church, and family influence economic growth, education, and human capital development. Learn about fertility rates, marriage dynamics, income differentials, and more.

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The Impact of Basic Institutions on Economic Growth and Human Capital Development

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  1. Fundamentals

  2. The Seasons for Growing

  3. Reap What You Sow

  4. THE 5 BASIC INSTITUTIONS Providing The Instruments Order GOV. Goods and Services MARKETPLACE SCHOOL Forming The Person Learning CHURCH Orientation In Life FAMILY The Person

  5. Economic Growth & Production Human Contribution • Population size (fertility) • Human Capital (all skills) • Technology Physical Contribution • Capital (1% … always there …always)

  6. (1) Fertility

  7. Fertility : Western Nations

  8. Weekly Worship vs. Fertility

  9. Baby Boom Retirement Begins

  10. Decreasing Human Contribution to GDP Growth

  11. (2) Human Capital

  12. THE 5 BASIC INSTITUTIONS Providing The Instruments Order GOV. Goods and Services MARKETPLACE SCHOOL Forming The Person Learning CHURCH Orientation In Life FAMILY The Person

  13. Education ( SCHOOL )

  14. MEDIAN LIFETIME EARNINGS Source: http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/collegepayoff-complete.pdfp. P. 3

  15. Lifetime Earnings by Education Achieved

  16. Marriage Belonging vs Rejection

  17. GPA English/Math by Family Structure Source: Adolescent Health Survey, Wave I. Adolescents grade 7-12. 2.90 2.9 2.80 2.70 2.6 Average GPA Enligsh/Math Combined 2.6 2.6 2.60 2.5 2.5 2.50 2.40 2.30 INTACT STEP COHABIT (BOTH COHABIT (ONE DIVORCED NEVER MARRIED NATURAL) NATURAL)

  18. Source Antovics, K. & Town, R. Am Econ Review V 94, (2004) pp 317-321 $127 140 Marriage Premium in Male Income $100 120 100 80 Comparative Income % $27 60 + = 40 20 0 Average Unmarried Male Premium Average Married Male

  19. US Total (Males) 1982-2010% “Unskilled” Not Working: single Cohab Married Married single Cohab

  20. US Total (Males) “Not Working” Professional Class Unemployed single Cohab Married Fraction of Occupation Class Married single Cohab

  21. Retreat from Marriage: Black Men (25-54)by Education Level 1970-2010)

  22. Retreat from Marriage:Black Men (25-54)Unemployment DifferentialsMarriage (Red)andnon-Marriage (blue)

  23. Proportion of MarriedHeads of Households 1960-1990

  24. Growth in Productivity: Down MARRIED DIVORCED SINGLE

  25. Number of Non-Marital Sexual Partners: Percent in an Always Intact Marriage Source: NSFG 1995

  26. Male Employment 1962-2010Males aged 25-54; Bureau of Labor Statistics (CPS)

  27. Family Intactness in USA

  28. Index of Belonging and Rejection USA

  29. Worship of God ( Religion)

  30. MEDIAN LIFETIME EARNINGS Source: http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/collegepayoff-complete.pdfp. P. 3

  31. GPA English/Math by Family Structure Source: Adolescent Health Survey, Wave I. Adolescents grade 7-12. 2.90 2.9 2.80 2.70 2.6 Average GPA Enligsh/Math Combined 2.6 2.6 2.60 2.5 2.5 2.50 2.40 2.30 INTACT STEP COHABIT (BOTH COHABIT (ONE DIVORCED NEVER MARRIED NATURAL) NATURAL)

  32. Source: Adolescent Health Survey, Wave I. Adolescents grade 7-12. GPA (English & Math) by Religious Practice 2.90 2.9 2.85 2.80 2.8 2.75 2.70 2.7 Average GPA Enligsh/Math Combined 2.65 2.6 2.60 2.55 2.50 2.45 MONTHLY+ WEEKLY+ WEEKLY+ <LESS THAN MONTHLY NEVER

  33. GPA

  34. Economic Growth + Production Human Contribution • Population size • Human Capital (all skills) • Technology Physical Contribution • Capital (1% … always there …always)

  35. Economic Activity is driven by the Human Capital of the • Working Head of Household. • Economic growth of the future is decided by the Human Capital Formation of the next generation in the household. • The child is the economic agent of the future.

  36. Who Says? Nobel Laureates: • Edward Prescott (2004) • Business cycle macroeconomics • George Akerlof (2001) • Keynesian market economics • James Heckman (2000) • Econometric theory of samples • Robert Lucas (1995) • Macro growth theory of expectations • Gary Becker (1992) • Neoclassical liberal micro econ behav.

  37. ?

  38. THE 5 BASIC INSTITUTIONS Providing The Instruments Order GOV. Goods and Services MARKETPLACE SCHOOL Forming The Person Learning CHURCH Orientation In Life FAMILY The Person

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