The objective of this paper is to analyse the role of both human and physical capital in economic growth in Hungary during the 20th century by extending the already available data on physical and human capital. Besides the standard measure for the volume of human capital, we develop a simple method to estimate the value of the human capital stock in Hungary between 1924 and 2006. While the volume index slowly grows over time, the value of human capital shows a decline during the late socialist period. Applying the value of human capital in a growth accounting analysis, we find that the Solow residual has no long-run effect on economic growth anymore.
We argue that the information technology revolution has brought about the differentiation of secular capital-using and labour-saving direction of technical change. Based on the example of the US manufacturing industry, asset and sector specific differences in the bias of technical change are documented. While the clear ICT- and intangible capital-using bias of technical change is well-documented in the literature, this paper provides evidence for the non-ICT capital-saving bias of technical change in the fifth Kondratieff cycle. In the past decade the US manufacturing sector displayed a noticeable deceleration of capital accumulation and capital intensity increase, a trend that diverges from the one observed in the other two sectors of the economy: in agriculture and in services. Non-ICT capital-saving technical change provokes increasing divergence between the development strategies of technological followers (characterised by tangible investment-led growth, and increasing capital-output ratios), and of technological leaders (marked by increasing intangible capital-intensity and diminishing tangible capital-intensity).
In this article the effects of government infrastructure investment in a small open economy environment are analysed. Apart from enhancing the country’s output directly, government spending on capital — modelled here as development of public infrastructure — creates positive externalities in the production process of the private sector. Short- and long-run effects of ambitious development programs, depending on the source of financing (transfers or loans from abroad), are addressed. The empirical relevance of the quantitative conclusions to be derived from the present stylised form of the model is admittedly limited. However, the qualitative conclusions can add some new insights and contribute to the lively debate on the expected effects of government investments and EU transfers on macroeconomic development.
According to the consensus view, it was primarily physical capital accumulation that drove economic growth during the early years of state socialism. Growth models incorporating both human and physical capital accumulation led to the conclusion that a high physical/human capital ratio can cause a lower economic growth in the long run, hence offering an explanation for the failure of socialist economies. In this paper, we show theoretically and empirically that according to the logic of the socialist planner, it was optimal to achieve a higher physical to human capital ratio in socialist countries than in the West. Using a VAR analysis, we find empirical confirmation that within the Material Product System of national accounting, the relative dominance of investment in physical capital accumulation relative to human capital was indeed more efficient than under the system of national accounts.
This study examines the causes of the rather dissimilar development of individual EU economies after the 2008/09 crisis. The initial elemental analysis of contributions to GDP growth is followed by a growth accounting exercise, with decomposition into the effects of movements in total factor productivity, capital stock, and several labour market indicators. The subsequent section then seeks to clarify to what extent this development was driven by changes in cyclical conditions and the potential product.
This article attempts to estimate the total factor productivity (TFP) for 35 NUTS-2 regions of the Visegrad Group countries and to identify its determinants. The TFP values are estimated on the basis of the Cobb-Douglas production function, with the assumption of regional differences in productivity. The parameters of the productivity function were analysed with panel data, using a fixed effects model.
There are many economic variables that influence the TFP level. Some of them are highly correlated, and therefore the factor analysis was applied to extract the common factors – the latent variables that capture the common variance among those observed variables that have similar patterns of responses. This statistical procedure uses an orthogonal transformation to convert a set of observations of possibly correlated variables into a set of values of linearly uncorrelated variables called principal components. Each component is interpreted using the contributions of variables to the respective component.
I estimated a dynamic panel data model describing TFP formation by regions. An attempt was made to incorporate the common factors among the model’s explanatory variables. One of them, representing the effects of research activity, proved to be significant.
Papaverine hydrochloride decomposes in solution easily to papaverinol, papaveraldine and 2,3,9,10-tetramethoxy-12-oxo-12-H-indolo[2,1-a]isoquinolinium chloride 1. The structure of the last compound has been elucidated lately. On the addition of alkali, the brown solution of 1 bleaches. A new compound i.e. 2-(2-carboxy-4,5-dimethoxyphenyl)-6,7-dimethoxyisoquinolinium inner salt 2 is formed. This paper reports the optimization of the compound 2 preparation.
This paper describes the thermal behaviour of blends of bisitaconimide (I) and bisnadimide (N) resins of similar structures. Bisitaconimides/bisnadimides based on 4,4'-diaminodiphenyl ether (E);2,2'-bis[4-(4-aminophenoxy)phenyl]propane (B); 1,3-bis(4-aminophenyl)benzene(R) and 1,4-bis(4-aminophenyl)benzene (H) were prepared and were designated as E-I/E-N; B-I/B-N; R-I/R-N and H-I/H-N respectively. Itaconimides had lower melting points and curing temperatures than that of corresponding nadimides. The blends
of bisitaconimides and bisnadimides were prepared in the ratios of1:3, 1:1, 3:1 by solution mixing (chloroform/acetone). A
decrease in the melting point and characteristic curing temperatures was observed in the blends.
Thermal stability of cured resin blends was only marginally affected by the blend composition.
The present study aimed to determine the effect of precipitation and fertilization (NPKCaMg) on the changes in soil organic carbon (SOC) in a long-term field experiment set up in Nyírlugos (Nyírség region, Hungary: N: 47° 41′ 60″ and E: 22° 2′ 80″) on a Haplic Luvisol with popular rotation crops. Over the 40 year period, from 1962 to 2002, SOC pool values ranged between 2.32 and 3.36 mg·kg
. On the untreated control plots the values remained nearly constant (3.31 mg·kg
: ±0.29 mg·kg
and 0.52 mg·kg
). In the 1st 20-year period (1963–1982), there was a significant (
< 0.001) decrease (16%) on all experimental plots, which may be due to the winter half year (WHY) precipitation (228 mm), summer half year (SHY) precipitation (288 mm), the NPKCaMg fertilizer application rate (64 kg·ha
), and the potato-rye-wheat-lupin-sunflower crop sequence. In the 2nd 20-year period (1983–2002) SOC pool values varied between 3.13 and 4.47 mg·kg
. The 16.9% significant (
< 0.001) increase 16.9% could be attributed to the lower WHY (204 mm) precipitation, higher SHY (320 mm) precipitation, higher NPKCaMg fertilizer rate (213 kg·ha
), and the sunflower-grass-barley-tobacco-wheat-triticale cropping system. NPKCaMg fertilization resulted in a significant (
< 0.001) decline (16.6%) in SOC in comparison to the control plots in the 1st 20-year interval, while in the 2nd 20-year period a significant (
< 0.001) rise (up to 31.9%) was registered. During the 40 experimental years the seasonal correlations (R2) among SOC (mg·kg
), WHY and SHY precipitation (mm) ranged from 0.3343 to 0.9078 (on the
< 0.001 significance level). The correlations (R
) on the influence of NPKCaMg fertilization on SOC (mg·kg
) and precipitation (mm) were significant (
< 0.001): the means for WHY, SHY and over the 40 years were 0.4691, 0.6171 and 0.6582, respectively. Organic carbon reserves (mg·kg
) in soils decreased linearly as precipitation increased (from 3.22 to 7.27 mm·yr
). In case this trend — increasing precipitation caused by climate change reduces SOC in arable soils — will continue, and is aggravated by warming temperatures and a more altering climate (as predicted by climate change forecasts), the livelihoods of many Hungarian and European farmers may be substantially altered. Thus, farmers must take into consideration the climate (WHY and SHY precipitation), fertilization (NPKCaMg), and cropping (tuber-seed-tobacco-protein-oil-forage) changeability to optimize their SOC pool, soil carbon sequestration, soil sustainability and crop management in the nearest future.
: Quality Control and Efficacy Assessment of Microbial Inoculants: Need for Standard Evaluation Protocols (Eds: Migheli, Q. & Ruiz Sainz, J. E.). 22. European Commission.
James, C., 1997. Global Status of Transgenic Crops in 1997