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Human capital and returns to scale

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  • Paul Hansen
  • Stephen Knowles
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    Abstract

    Models of endogenous economic growth typically assume that aggregate production is characterised by increasing returns to scale, often as a result of the accumulation of physical and human capital. In this paper, an international data-set on formal educational attainments is used to disaggregate total employment in order to estimate a Cobb-Douglas aggregate production function. The function is estimated, using a pooled cross-section time-series model, for a selection of high income OECD countries for five years in the period 1960-85. The estimation results suggest that increasing returns to scale prevailed.

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    Bibliographic Info

    Article provided by Emerald Group Publishing in its journal Journal of Economic Studies.

    Volume (Year): 25 (1998)
    Issue (Month): 2 (May)
    Pages: 118-123

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    Handle: RePEc:eme:jespps:v:25:y:1998:i:2:p:118-123

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    Related research

    Keywords: Aggregate production function; Economic growth; Education; OECD;

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    Cited by:
    1. Femminis, Gianluca, 1999. "On The Optimality of Risk-Sharing in Growth Models: The Role of Education," CEPR Discussion Papers 2264, C.E.P.R. Discussion Papers.
    2. Luís Aguiar-Conraria & Yi Wen, 2007. "A note on oil dependence and economic instability," Working Papers 2006-060, Federal Reserve Bank of St. Louis.
    3. Luís Francisco Aguiar & Yi Wen, 2011. "OPEC´s Oil Exporting Strategy and Macroeconomic (In)Stability," NIPE Working Papers 10/2011, NIPE - Universidade do Minho.

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