Embodied human capital unemployment
AbstractAdam 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).
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 31161.
Date of creation: 16 Apr 2011
Date of revision:
Unemployment; Human Capital; International Trade; Economic Crisis; China; India; U.S.A.; International Capital Mobility;
Find related papers by JEL classification:
- F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
- F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
- G01 - Financial Economics - - General - - - Financial Crises
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-06-04 (All new papers)
- NEP-HRM-2011-06-04 (Human Capital & Human Resource Management)
- NEP-LAB-2011-06-04 (Labour Economics)
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- J.P. Neary, 1995.
"Factor Mobility and International Trade,"
CEP Discussion Papers
dp0248, Centre for Economic Performance, LSE.
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