Human Capital, Productivity and Compensation in Jamaica

Andre Haughton () and Wendel Ivey ()
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Andre Haughton: University of the West Indies
Wendel Ivey: Bank of Jamaica

Chapter Chapter 5 in Overcoming Productivity Challenges in Small Countries, 2023, pp 137-159 from Springer

Abstract: Abstract Human Capital development is important for productivity growth in any economy. This chapter investigates Human Capital development in Jamaica. Higher-level skills and education equip workers with the ability to produce higher value-added goods and services which are necessary for workers to earn higher income and transform Jamaica to a high-income economy. The impact of the Covid-19 pandemic on human capital development is also explored. Many schools across the globe went into partial closure or transitioned online. Learning loss and learning poverty escalated during the heights of the pandemic. The chapter further ventures into the issue of compensation and minimum wage in Jamaica. Using a three-year moving average Ordinary Leas Squares (OLS) regression model, this chapter examines the relationship between compensation (wages) and labour productivity. The results indicate that there exists a positive relationship between compensation and productivity in Jamaica. With an even strong relationship to a similar assessment that was carried out for the United States. However, productivity growth in these two countries have been diverging which exhibits different growth outcomes.

Keywords: Human capital; Compensation; Learning poverty; Minimum wage; COVID-19; Education; Wage (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-23301-2_5

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DOI: 10.1007/978-3-031-23301-2_5

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