Knowledge: Its Creation, Distribution and Economic Significance, Volume III: The Economics of Information and Human Capital (Princeton Legacy Library, 781)

Volume III examines in clear and elegant prose the roles of knowledge and information in economics. Part One analyzes the effects of new or uncertain information on market performance; examines the formation and revision of expectations; and provides a classification of literature and an extensive bibliography. Part Two discusses private and social valuations of education and training, the controversy over nature vs. nurture," the issue of "credentialism," and the depreciation of human capital. Originally published in 1984. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These paperback editions preserve the original texts of these important books while presenting them in durable paperback editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905. CONTENTS 6 ANALYTICAL TABLE OF CONTENTS 8 FOREWORD 18 ACKNOWLEDGMENTS 20 1 INTRODUCTION 24 PART ONE: THE ECONOMICS OF KNOWLEDGE AND INFORMATION 34 2 OLD ROOTS AND NEW GROWTH 36 3 INFORMATION AND PRICES: FUTURES, INSURANCE, AND PRODUCT MARKETS 63 4 LABOR MARKETS AND FINANCIAL MARKETS 99 5 PUBLIC DECISIONS ANDPUBLIC GOODS 142 6 NEW KNOWLEDGE, DISPERSED INFORMATION, AND CENTRAL PLANNING 180 7 EMPIRICAL RESEARCH, THEORETICAL ANALYSIS, APPLIED INQUIRY 226 APPENDIX TO CHAPTER 7 CONTENTS OF ECONOMIC JOURNALS: RELATIVE SHARES OF EMPIRICAL, THEORETICAL, AND APPLIED WORK 256 8 ECONOMIC AGENTS, EQUILIBRIA,AND EXPECTATIONS 266 9 THE EXPANDING SPECIALTY: SURVEYS AND CLASSIFICATIONS 304 10 A NEW CLASSIFICATION 334 11 A SAMPLE BIBLIOGRAPHY 356 PART TWO: KNOWLEDGE AS HUMAN CAPITAL 422 12 BASIC NOTIONS OF CAPITAL THEORY 424 13 INVESTMENT IN HUMAN RESOURCES AND PRODUCTIVE KNOWLEDGE 440 14 PRIVATE AND SOCIAL VALUATION 460 15 HUMAN CAPACITY, CREATED BY NATURE AND NURTURE 474 16 THE ROUTE FROM INVESTMENTSTO RETURNS 489 17 PRODUCTION FUNCTIONS: THE CHOICE OF VARIABLES 513 18 PRODUCTIVITY VERSUS CREDENTIALS 544 19 DEPRECIATION OF KNOWLEDGE STOCKS AND HUMAN CAPITAL 559 20 PROFILES OF LIFE TIME LEARNING AND EARNING 598 21 RATES OF RETURN TO INVESTMENT IN EDUCATION 611 INDEX 632 9780691612577 - Knowledge - its creation,distribution and economic significance Volume III examines in clear and elegant prose the roles of knowledge and information in economics. Part One analyzes the effects of new or uncertain information on market performance; examines the formation and revision of expectations; and provides a classification of literature and an extensive bibliography. Part Two discusses private and social valuations of education and training, the controversy over nature vs. nurture," the issue of "credentialism," and the depreciation of human capital. Originally published in 1984. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905. Volume II of this ten-volume work, examines the parts of intellectual knowledge that have been considered worth teaching in institutions of higher learning. To judge what to teach, it was necessary to classify. Originally published in 1982. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously