Publication: Capital humano, tasa de retorno y políticas educativas
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2017-01-17
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Universidad Complutense de Madrid
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Abstract
La presente tesis se estructura en tres bloques. En el primero de ellos, que comprende los capítulos 2 y 3, se pasa revista a las principales corrientes de modelización del capital humano desde los años 60, tanto en el ámbito de equilibrio parcial como en el contexto de modelos de equilibrio general dinámico. Este análisis se realiza desde la óptica de los planteamientos de raíz beckeriana, de modo que partiendo de un modelo canónico construido tanto a partir de las aportaciones de este autor como de las de Yoram Ben-Porath, se contemplan las sucesivas aportaciones como adiciones o modificaciones de los supuestos básicos de dicho modelo. La formalización del concepto de capital humano ha venido marcada por su triple condición de bien de activo real, output de un proceso productivo realizado bien el seno del hogar, bien por un sector especializado, a partir de inputs adquiridos en el mercado y del propio tiempo disponible, así como de consumo duradero. En el segundo bloque, desarrollado en el capítulo 4, se aborda el concepto de tasa de retorno del capital humano. Este concepto, desarrollado primordialmente por la literatura empírica de un modo intuitivo, ha sido abordado en raras ocasiones en el marco de modelos dinámicos, tanto de corte macro como microeconómico, siendo la principal razón la dificultad de modelizar la valoración de un activo que no pasa por el mercado. En este trabajo se opta por combinar el enfoque de asignación óptima del tiempo de Gary S. Becker con el de producción óptima de capital humano de Ben-Porath para construir un modelo básico en el que se apoya la formulación de la tasa de retorno que, frente a la de otros activos, presenta la peculiaridad de venir definida en términos de costes de producción variables, que solo bajo circunstancias muy concretas son equivalentes a precios de mercado de los inputs utilizados. La tasa de retorno bruta marginal resultante, derivada a partir de las condiciones de primer orden de optimización de la utilidad de un consumidor representativo, posee bajo hipótesis estándar una estructura similar a la de otros activos, viniendo dada por por la suma de una renta marginal y ganancias de capital en función de la variación intertemporal de los costes marginales de producción. Por lo demás, se formula la tasa en distintos escenarios y en combinación con diferentes activos reales, lo que permite realizar matizaciones sobre el contenido y la dependencia de la tasa respecto al vector de parámetros que lo condicionan. Por lo demás, la tasa se deriva para dos períodos o un número superior, para todo tipo de rendimientos del capital humano en la función de producción del mismo y considerando dos inputs diferentes, tiempo de aprendizaje (o, equivalentemente, de producción del capital humano) y bien final, estableciéndose una relación entre sus propiedades básicas y la dinámica del modelo. El tercer bloque de la tesis se compone de los capítulos 5 y 6 y estudia el papel del capital humano en la consecución de la movilidad social e intergeneracional, así como las principales limitaciones endógenas y exógenas que pueden encontrarse en un problema típico de agentes heterogéneos y que restringen la plena convergencia de rentas...
This thesis is structured in three blocs. The first one of them, that comprises chapters 2 and 3, revises the main modeling streams of human capital eversince the 60s, both in partial and in general dynamic equilibrium. This analysis is made from a Beckerian perspective; in this vein, taking as a starting point a canonical model integrated by the early contributions of the latter author and Yoram Ben-Porath, the succesive views of other researchers are studied as extensions or modifications in the basic assumptions of the benchmark model. Thus it can be shown that the formalisation of the concept of human capital has been deeply influenced by its triple condition of a real asset, output of a productive process organised domestically or by a different specialised sector -who, in turn, purchases inputs in the market and also uses time-, as well as a durable. The second bloc, developed in chapter 4, deals with the notion of rate of return of the human capital. This concept, tackled primarily by the empirical literature in an intuitive fashion, has been rarely treated within the framework of dynamic models -either macro or microeconomic-, the main reason being the difficulty of pricing an asset which is not directly exchanged in the market. In this work, the approach departs from a canonical model constructed by merging an optimal allocation of time scheme with a minimization of costs in the production of human capital. Compared to that of other assets, the marginal rate of return of human capital is peculiar since it is defined in terms of its marginal production costs which, only under very specific circumstances, are equivalent to the market prices of the inputs applied to the production function. The rate of return is derived from a utility maximization problem of a representative household and presents, under standard hypothesis, a similar structure to the one observed for other assets, i.e., it can be expressed as the sum of two elements, a marginal income and capital gains, the latter being given by the intertemporal increase in the marginal production costs. Addtionally, this rate of return is developed for different scenarios and combinations of real and financial assets, which allows to nuance its content in each case, as well as its sensitivity with respect to the parameters that define it. Besides, the rate of return is constructed for 2 or more periods, for all kind of returns of escale of human capital in the education function and considering two inputs, learning time and the final consumption good; finally, some useful relations between the properties and the rate and the dynamic properties of the models that encapsulate it are established...
This thesis is structured in three blocs. The first one of them, that comprises chapters 2 and 3, revises the main modeling streams of human capital eversince the 60s, both in partial and in general dynamic equilibrium. This analysis is made from a Beckerian perspective; in this vein, taking as a starting point a canonical model integrated by the early contributions of the latter author and Yoram Ben-Porath, the succesive views of other researchers are studied as extensions or modifications in the basic assumptions of the benchmark model. Thus it can be shown that the formalisation of the concept of human capital has been deeply influenced by its triple condition of a real asset, output of a productive process organised domestically or by a different specialised sector -who, in turn, purchases inputs in the market and also uses time-, as well as a durable. The second bloc, developed in chapter 4, deals with the notion of rate of return of the human capital. This concept, tackled primarily by the empirical literature in an intuitive fashion, has been rarely treated within the framework of dynamic models -either macro or microeconomic-, the main reason being the difficulty of pricing an asset which is not directly exchanged in the market. In this work, the approach departs from a canonical model constructed by merging an optimal allocation of time scheme with a minimization of costs in the production of human capital. Compared to that of other assets, the marginal rate of return of human capital is peculiar since it is defined in terms of its marginal production costs which, only under very specific circumstances, are equivalent to the market prices of the inputs applied to the production function. The rate of return is derived from a utility maximization problem of a representative household and presents, under standard hypothesis, a similar structure to the one observed for other assets, i.e., it can be expressed as the sum of two elements, a marginal income and capital gains, the latter being given by the intertemporal increase in the marginal production costs. Addtionally, this rate of return is developed for different scenarios and combinations of real and financial assets, which allows to nuance its content in each case, as well as its sensitivity with respect to the parameters that define it. Besides, the rate of return is constructed for 2 or more periods, for all kind of returns of escale of human capital in the education function and considering two inputs, learning time and the final consumption good; finally, some useful relations between the properties and the rate and the dynamic properties of the models that encapsulate it are established...
Description
Tesis inédita de la Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Departamento de Economía Aplicada III (Política Económica), leída el 09/12/2015