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Human Capital and Growth: An Alternative Accounting

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  • Rangazas Peter C

    ()
    (IUPUI)

Abstract

This paper re-examines the importance of human capital in explaining economic growth. Previous studies are extended by including schooling investments of both time and goods within the school year, a human capital externality, and imperfect substitution between white collar and manual tasks. The model of worker productivity used to conduct the growth accounting is consistent with (1) rates of return to time and goods investment in education, (2) white collar wage premia, and (3) trendless worker productivity growth rates in the United States over the 20th century. The analysis suggests that about one third of United States growth over this period was related to human capital accumulation, accounting for an average annual growth rate of 0.6 to 0.7 percent. The model also implies that neoclassical inputs can account for 5.5 to 8.5-fold differences in worker productivity across rich and poor countries.

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Bibliographic Info

Article provided by De Gruyter in its journal The B.E. Journal of Macroeconomics.

Volume (Year): 5 (2005)
Issue (Month): 1 (September)
Pages: 1-43

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Handle: RePEc:bpj:bejmac:v:topics.5:y:2005:i:1:n:20

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Cited by:
  1. Strauss, Jack, 2013. "The Economic Gains to Colorado of Amendment 66," MPRA Paper 49928, University Library of Munich, Germany.
  2. Adelaja, Adesoji O. & Hailu, Yohannes G. & Abdulla, Majd, 2009. "New Economy Growth Decomposition in the U.S," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49579, Agricultural and Applied Economics Association.
  3. Weshah Razzak, 2007. "Explaining the gaps in labour productivity in some developed countries," Money Macro and Finance (MMF) Research Group Conference 2006 30, Money Macro and Finance Research Group.
  4. Paul W. Bauer & Mark E. Schweitzer & Scott Shane, 2006. "State growth empirics: the long-run determinants of state income growth," Working Paper 0606, Federal Reserve Bank of Cleveland.
  5. Seung Mo Choi, 2008. "How Large are Learning Externalities? Measurement by Calibration," Working Papers 2008-26, School of Economic Sciences, Washington State University.
  6. GROWIEC, Jakub, 2007. "Human capital, aggregation, and growth," CORE Discussion Papers 2007056, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Growiec, Katarzyna & Growiec, Jakub, 2009. "Social Capital, Trust, and Multiple Equilibria in Economic Performance," MPRA Paper 19518, University Library of Munich, Germany.
  8. Razzak, Weshah, 2006. "Explaining the gaps in labour productivity for some developed countries," MPRA Paper 53, University Library of Munich, Germany.

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