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Fundamentals

Fundamentals. The Seasons for Growing. Reap What You Sow. 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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Fundamentals

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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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