American Economic Journal: Macroeconomics
no. 4, October 2023
Demography and structural transformation are interrelated, and depend critically on education. At the turn of the twentieth century, US parents began having fewer children while increasing educational investment per child. This quantity-quality tradeoff facilitated job reallocation from the low-skilled agricultural sector to the high-skilled nonagricultural sector. This transformation is examined in a heterogeneous agent model with a nondegenerate human capital distribution, focusing on how fertility and education decisions affect structural transformation. The result shows that the quantity-quality decisions account for up to approximately one-third of the decline in the agricultural employment share.
Cheung, T Terry.
"Schooling, Skill Demand, and Differential Fertility in the Process of Structural Transformation."
American Economic Journal: Macroeconomics,
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Analysis of Education
Returns to Education
Demographic Trends, Macroeconomic Effects, and Forecasts
Fertility; Family Planning; Child Care; Children; Youth
Human Capital; Skills; Occupational Choice; Labor Productivity
Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy: U.S.; Canada: Pre-1913