Pub Date : 2018-07-16DOI: 10.1093/oxfordhb/9780190882617.013.31
John M. Parman
This chapter reviews the empirical literature on the expansion of educational institutions and the human capital stock of the United States over the past two and a half centuries. Using evidence on literacy, numeracy, and years of education, it details the remarkable growth of the American human capital stock and discusses trends in racial and gender gaps in educational attainment. The chapter then outlines the development of the educational institutions that facilitated the growth of the human capital stock, discussing the political and social forces shaping the expansion of schools. This overview includes an emphasis on the consequences of the uniquely public and decentralized nature of American schools. Finally, the chapter examines the literature on the decision to attend those schools, considering the roles of the private returns to education, health, family characteristics, and compulsory schooling laws.
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Pub Date : 2018-07-16DOI: 10.1093/oxfordhb/9780190882617.013.3
R. Clark, L. Craig
The proportion of the US population that survives to retirement age has increased over time, as has the share of the older population that retires. Higher incomes at older ages explain the increase in the incidence of retirement. Pensions provide much of that income. In general, public-sector workers, especially military personnel, were covered by pensions before their private-sector counterparts, and coverage in the public sector remains more widespread, and generous, than it is in the private sector. Public-sector pension plans are more likely to be defined benefit plans than are private-sector plans. Many public-sector employers have promised their employees more in benefits than they have set aside to pay for those benefits. Estimates suggest that the federal, state, and local retirement plans currently in operation are underfunded by as much as $5 trillion.
{"title":"Retirement and Pensions in American Economic History","authors":"R. Clark, L. Craig","doi":"10.1093/oxfordhb/9780190882617.013.3","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780190882617.013.3","url":null,"abstract":"The proportion of the US population that survives to retirement age has increased over time, as has the share of the older population that retires. Higher incomes at older ages explain the increase in the incidence of retirement. Pensions provide much of that income. In general, public-sector workers, especially military personnel, were covered by pensions before their private-sector counterparts, and coverage in the public sector remains more widespread, and generous, than it is in the private sector. Public-sector pension plans are more likely to be defined benefit plans than are private-sector plans. Many public-sector employers have promised their employees more in benefits than they have set aside to pay for those benefits. Estimates suggest that the federal, state, and local retirement plans currently in operation are underfunded by as much as $5 trillion.","PeriodicalId":116778,"journal":{"name":"The Oxford Handbook of American Economic History, vol. 1","volume":"02 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128277289","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-07-16DOI: 10.1093/OXFORDHB/9780190882617.013.9
A. Field
This chapter provides an overview of labor and total factor productivity growth in the manufacturing sector in the United States from colonial times to the present. An introductory section defines concept and terms. This is followed by an historical survey of improvement in the eighteenth and nineteenth centuries, and sections on the manufacturing revolution of the 1920s and the sector’s contribution during the Great Depression. The remainder of the chapter provides a quantitative perspective on manufacturing productivity growth and its contribution to the overall economy from the end of World War I through the first decade of the twenty-first century.
{"title":"Manufacturing Productivity Growth in American Economic History","authors":"A. Field","doi":"10.1093/OXFORDHB/9780190882617.013.9","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780190882617.013.9","url":null,"abstract":"This chapter provides an overview of labor and total factor productivity growth in the manufacturing sector in the United States from colonial times to the present. An introductory section defines concept and terms. This is followed by an historical survey of improvement in the eighteenth and nineteenth centuries, and sections on the manufacturing revolution of the 1920s and the sector’s contribution during the Great Depression. The remainder of the chapter provides a quantitative perspective on manufacturing productivity growth and its contribution to the overall economy from the end of World War I through the first decade of the twenty-first century.","PeriodicalId":116778,"journal":{"name":"The Oxford Handbook of American Economic History, vol. 1","volume":"355 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115933475","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-07-16DOI: 10.1093/oxfordhb/9780190882617.013.22
M. Thomasson
The late nineteenth century witnessed the beginning of a strong, downward trend in mortality in the United States. Economists and others have been identifying and measuring the factors that contributed to these gains in health and to the growth of the healthcare sector over the twentieth century. This chapter attempts to organize and enumerate their various contributions and to suggest directions for future research. Most work falls under one of several strands of research. Public health efforts, innovations in medical technology, and the rise of social insurance and health insurance all play important roles in explaining the decline in mortality, the improvement in health in the United States over the twentieth century, and the growth in the healthcare sector.
{"title":"Health Policy in American Economic History","authors":"M. Thomasson","doi":"10.1093/oxfordhb/9780190882617.013.22","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780190882617.013.22","url":null,"abstract":"The late nineteenth century witnessed the beginning of a strong, downward trend in mortality in the United States. Economists and others have been identifying and measuring the factors that contributed to these gains in health and to the growth of the healthcare sector over the twentieth century. This chapter attempts to organize and enumerate their various contributions and to suggest directions for future research. Most work falls under one of several strands of research. Public health efforts, innovations in medical technology, and the rise of social insurance and health insurance all play important roles in explaining the decline in mortality, the improvement in health in the United States over the twentieth century, and the growth in the healthcare sector.","PeriodicalId":116778,"journal":{"name":"The Oxford Handbook of American Economic History, vol. 1","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131512639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-07-16DOI: 10.1093/OXFORDHB/9780190882617.013.10
C. Frydman
This chapter documents the evolution of executive compensation in large, publicly traded American corporations over the past century. Executive pay followed a J-shaped pattern. The real value of median total pay declined sharply during World War II, then fell slowly in the late 1940s. From the 1950s to the mid-1970s, executive pay increased at about 0.8 percent annually, but it accelerated quickly from the mid-1970s to the early 2000s, reaching rates of 10 percent in the 1990s. The structure of pay also underwent an important transformation. Until the mid-1980s, the compensation of executives was primarily composed of salaries and bonuses. Since then, the use of equity-based pay has become increasingly widespread. The chapter reviews theories for the long-run changes in executive pay, including rent extraction, returns to talent, and the role of government interventions. None of these alone can account for the patterns in executive compensation over time.
{"title":"Executive Compensation in American Economic History","authors":"C. Frydman","doi":"10.1093/OXFORDHB/9780190882617.013.10","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780190882617.013.10","url":null,"abstract":"This chapter documents the evolution of executive compensation in large, publicly traded American corporations over the past century. Executive pay followed a J-shaped pattern. The real value of median total pay declined sharply during World War II, then fell slowly in the late 1940s. From the 1950s to the mid-1970s, executive pay increased at about 0.8 percent annually, but it accelerated quickly from the mid-1970s to the early 2000s, reaching rates of 10 percent in the 1990s. The structure of pay also underwent an important transformation. Until the mid-1980s, the compensation of executives was primarily composed of salaries and bonuses. Since then, the use of equity-based pay has become increasingly widespread. The chapter reviews theories for the long-run changes in executive pay, including rent extraction, returns to talent, and the role of government interventions. None of these alone can account for the patterns in executive compensation over time.","PeriodicalId":116778,"journal":{"name":"The Oxford Handbook of American Economic History, vol. 1","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125460975","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-07-16DOI: 10.1093/oxfordhb/9780190882617.013.8
A. Olmstead, P. Rhode
This chapter examines the crucial roles of biological learning and mechanization in facilitating the long sweep of American agricultural expansion and productivity growth. It also explores the major debates concerning the relationship between agricultural growth and overall economic development, the sources and impacts of the twentieth-century decline of the agricultural sector, the role of government policies, and the directions of current and promising future research. The chapter highlights the roles of biological innovation and mechanization in driving territorial expansion and productivity growth. It also investigates the forces behind the structural change affecting the role of agriculture in the US economy.
{"title":"Agriculture in American Economic History","authors":"A. Olmstead, P. Rhode","doi":"10.1093/oxfordhb/9780190882617.013.8","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780190882617.013.8","url":null,"abstract":"This chapter examines the crucial roles of biological learning and mechanization in facilitating the long sweep of American agricultural expansion and productivity growth. It also explores the major debates concerning the relationship between agricultural growth and overall economic development, the sources and impacts of the twentieth-century decline of the agricultural sector, the role of government policies, and the directions of current and promising future research. The chapter highlights the roles of biological innovation and mechanization in driving territorial expansion and productivity growth. It also investigates the forces behind the structural change affecting the role of agriculture in the US economy.","PeriodicalId":116778,"journal":{"name":"The Oxford Handbook of American Economic History, vol. 1","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126065060","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-07-16DOI: 10.1093/OXFORDHB/9780190882617.013.4
J. Ferrie
Immigration has been a powerful force is the US economy right from the period of initial settlement in the early seventeenth century. It has been instrumental in building the nation’s infrastructure, transforming its manufacturing sector, and growing its labor force, as it transferred human capital from where it was initially generated (abroad) to where it was productively employed (the United States). This chapter surveys the impact on the economy, on the immigrants themselves, and on the Americans they joined in four eras: (1) settlement (1600s–1700s); (2) the first “Great Wave” (1800–1890); (3) the second “Great Wave” (1890–1920s); and (4) the post-1965 period.
{"title":"Immigration in American Economic History","authors":"J. Ferrie","doi":"10.1093/OXFORDHB/9780190882617.013.4","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780190882617.013.4","url":null,"abstract":"Immigration has been a powerful force is the US economy right from the period of initial settlement in the early seventeenth century. It has been instrumental in building the nation’s infrastructure, transforming its manufacturing sector, and growing its labor force, as it transferred human capital from where it was initially generated (abroad) to where it was productively employed (the United States). This chapter surveys the impact on the economy, on the immigrants themselves, and on the Americans they joined in four eras: (1) settlement (1600s–1700s); (2) the first “Great Wave” (1800–1890); (3) the second “Great Wave” (1890–1920s); and (4) the post-1965 period.","PeriodicalId":116778,"journal":{"name":"The Oxford Handbook of American Economic History, vol. 1","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125112360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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