{"id":3243,"date":"2026-01-27T09:40:14","date_gmt":"2026-01-27T12:40:14","guid":{"rendered":"https:\/\/madeusp.com.br\/?post_type=made_publication&p=3243"},"modified":"2026-08-14T15:21:19","modified_gmt":"2026-08-14T18:21:19","slug":"knowledge-capital-accumulation-household-student-debt-and-the-labor-share-in-the-social-product-evidence-from-the-united-states","status":"publish","type":"made_publication","link":"https:\/\/madeusp.com.br\/en\/publicacoes\/artigos\/knowledge-capital-accumulation-household-student-debt-and-the-labor-share-in-the-social-product-evidence-from-the-united-states\/","title":{"rendered":"Knowledge capital accumulation, household student debt, and the labor share in the social product: Evidence from the United States"},"content":{"rendered":"

This paper analy\u00adzes the dyna\u00admic rela\u00adti\u00adonships among kno\u00adwled\u00adge capi\u00adtal accumulation\u2014measured by the sha\u00adre of the popu\u00adla\u00adti\u00adon com\u00adple\u00adting college\u2014household stu\u00addent indeb\u00adted\u00adness, and the func\u00adti\u00ado\u00adnal dis\u00adtri\u00adbu\u00adti\u00adon of inco\u00adme betwe\u00aden labor and non-labor in the U.S. over the peri\u00adod 2003\u20132019. Drawing on the Neo-Kalec\u00adki\u00adan demand-led fra\u00admework in the Cam\u00adbrid\u00adge, U. K. tra\u00addi\u00adti\u00adon, it tests the hypothe\u00adses that rising stu\u00addent debt exerts downward pres\u00adsu\u00adre on labor inco\u00adme, whi\u00adle kno\u00adwled\u00adge capi\u00adtal accu\u00admu\u00adla\u00adti\u00adon miti\u00adga\u00adtes this effect. Des\u00adpi\u00adte an expan\u00adding the\u00ado\u00adre\u00adti\u00adcal lite\u00adra\u00adtu\u00adre, empi\u00adri\u00adcal evi\u00adden\u00adce on the\u00adse dyna\u00admic inte\u00adrac\u00adti\u00adons remains seve\u00adrely limi\u00adted. Using a Vec\u00adtor Auto\u00adre\u00adgres\u00adsi\u00adon (VAR) fra\u00admework, the study finds that incre\u00ada\u00adses in stu\u00addent debt redu\u00adce the labor sha\u00adre pri\u00adma\u00adrily through lower real wages, with no sig\u00adni\u00adfi\u00adcant effect on labor pro\u00adduc\u00adti\u00advity. In con\u00adtrast, kno\u00adwled\u00adge capi\u00adtal accu\u00admu\u00adla\u00adti\u00adon incre\u00ada\u00adses the labor sha\u00adre and con\u00adtri\u00adbu\u00adtes to a reduc\u00adti\u00adon in stu\u00addent debt. Ove\u00adrall, the results unders\u00adco\u00adre that real wage and labor sha\u00adre deter\u00admi\u00adna\u00adti\u00adon is sha\u00adped by ins\u00adti\u00adtu\u00adti\u00ado\u00adnal and con\u00adflict-dis\u00adtri\u00adbu\u00adti\u00ado\u00adnal fac\u00adtors, the\u00adreby sup\u00adpor\u00adting policy mea\u00adsu\u00adres aimed at redu\u00adcing hou\u00adsehold stu\u00addent indeb\u00adted\u00adness, strengthe\u00adning col\u00adlec\u00adti\u00adve bar\u00adgai\u00adning, and expan\u00adding publi\u00adcly fun\u00added education.<\/p>\n","protected":false},"excerpt":{"rendered":"

This paper analy\u00adzes the dyna\u00admic rela\u00adti\u00adonships among kno\u00adwled\u00adge capi\u00adtal accumulation\u2014measured by the sha\u00adre of the popu\u00adla\u00adti\u00adon com\u00adple\u00adting college\u2014household stu\u00addent indeb\u00adted\u00adness, and the func\u00adti\u00ado\u00adnal dis\u00adtri\u00adbu\u00adti\u00adon of inco\u00adme betwe\u00aden labor and non-labor in the U.S. over the peri\u00adod 2003\u20132019. Drawing on the Neo-Kalec\u00ad\u00adki\u00adan demand-led fra\u00admework in the Cam\u00adbrid\u00adge, U. K. tra\u00addi\u00adti\u00adon, it tests the hypothe\u00adses that rising [\u2026]<\/p>\n","protected":false},"template":"","tags":[],"made_publication_type":[7],"class_list":["post-3243","made_publication","type-made_publication","status-publish","hentry","made_publication_type-working-papers"],"acf":[],"yoast_head":"\nKnowledge capital accumulation, household student debt, and the labor share in the social product: Evidence from the United States — Made<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madeusp.com.br\/en\/publicacoes\/artigos\/knowledge-capital-accumulation-household-student-debt-and-the-labor-share-in-the-social-product-evidence-from-the-united-states\/\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" 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