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The role of human capital in economic growth: New results and alternative interpretations
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The empirical evidence in support of one view or another is largely missing, and it would be useful to know whether physical or human capital has a larger impact on output per capita and whether the returns to all capital are constant, increasing or decreasing.Abstract:
While it is largely uncontroversial that human capital can be considered as one of the shaping factors of economic growth, no agreement exists on the specific role of human capital formation. Competing theories all stressing different aspects of human capital formation are not in short supply, but the empirical evidence in support of one view or another is largely missing. To be able to discriminate between alternative interpretations, it would be useful to know whether physical or human capital has a larger impact on output per capita and whether the returns to all capital are constant, increasing, or decreasing. Depending on the answers, rather different implications for the role of human capital could emerge.read more
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Foreign direct investment in developing countries and growth: A selective survey
TL;DR: In this article, the authors survey the latest developments in the literature on the impact of inward foreign direct investment (FDI) on growth in developing countries, and show that FDI is a composite bundle of capital stocks, know-how, and technology, and hence its impact on growth is expected to be manifold and vary a great deal between technologically advanced and developing countries.
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Specifying human capital
TL;DR: A review of the measures of the stock of human capital used in empirical growth research as discussed by the authors reveals that human capital is mostly poorly proxied, and the simple use of the most common proxy, average years of schooling, misspecifies therelationship between education and human capital.
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Does education at all levels cause growth? India, a case study
TL;DR: In this paper, the authors examined the impact of education on income growth in India for the time period 1966-1996 and found that primary education has a strong causal impact on growth, with limited evidence of such an impact for secondary education.
BookDOI
Knowledge and Development A Cross-Section Approach
Derek H. C. Chen,Carl J. Dahlman +1 more
TL;DR: In this paper, the authors assess the effects of knowledge on economic growth by using an array of indicators, each of which represents an aspect of knowledge, as independent variables in cross-section regressions.
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Regional convergence of output per worker in China: A neoclassical interpretation
TL;DR: In this paper, the authors show that capital mobility has been high across Chinese provinces and that the production elasticity of human capital is about twice as high as the production of physical capital, and that with less interprovincial capital flows as the result of an expected increase in fiscal decentralization, the rate of convergence of regional output per worker is likely to decline.
References
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The mechanics of economic development
Abstract: This paper considers the prospects for constructing a neoclassical theory of growth and international trade that is consistent with some of the main features of economic development. Three models are considered and compared to evidence: a model emphasizing physical capital accumulation and technological change, a model emphasizing human capital accumulation through schooling, and a model emphasizing specialized human capital accumulation through learning-by-doing.
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A Contribution to the Empirics of Economic Growth
TL;DR: The authors examined whether the Solow growth model is consistent with the international variation in the standard of living, and they showed that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data.
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Returns to investment in education: A global update
TL;DR: In this paper, the authors discuss methodological issues surrounding those estimates and confirm that primary education continues to be the number one investment priority in developing countries, and also show that educating females is marginally more profitable than educating males, and that the academic secondary school curriculum is a better investment than the technical/vocational tract.
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The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950-1987
Robert Summers,Alan Heston +1 more
TL;DR: The Penn World Table as discussed by the authors is a set of national accounts economic time series covering many countries and its expenditure entries are denominated in common set of prices in a common currency so that real quantity comparisons can be made, both between countries and over time.
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Long Run Policy Analysis and Long Run Growth
TL;DR: In this paper, the authors describe a class of models in which this type of heterogeneity in growth experiences can arise as a result of cross-country differences in government policy, which can also create incentives for labor migration from slow growing to fast growing countries.