Human capital and economic growth: Sweden 1870–2000
AbstractThis paper presents newly constructed series on human capital in Sweden 1870–2000. The estimates are based on enrolment in different forms of education, stretching as far back as 1812, and the size and age distribution of the population within age range 15–65 years. The secular accumulation of human capital has closely matched the long-term trend in aggregate productivity and both grew at a rate of 2.4% annually. Our estimates differ significantly from the data attributed to Sweden in the international short-cut estimates of human capital for the period since 1960. The basic question addressed is about causality: whether human capital causes economic growth or if causality goes in the other direction. We address this problem with modified Granger-causality tests. According to our results, changes in the stock of human capital have in a systematic way preceded changes in aggregate productivity up to the structural crisis in the 1970s. This allows us to conclude that human capital has been a causal factor in Swedish economic growth since the industrialisation. However, after 1975, the growth of human capital has not been able to match the demands of the third industrial revolution.
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Bibliographic InfoArticle provided by Association Française de Cliométrie (AFC) in its journal Cliometrica, Journal of Historical Economics and Econometric History.
Volume (Year): 3 (2009)
Issue (Month): 1 (January)
Human capital; Education; Economic growth; Productivity; Vocational education;
Find related papers by JEL classification:
- E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
- I20 - Health, Education, and Welfare - - Education - - - General
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
- N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913
- N34 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: 1913-
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
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