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Human capital accumulation and economic growth

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  • María Jesús Freire-Serén

    ()
    (Universidade Vigo)

Abstract

This paper examines how human capital affects growth, considering the reverse impact or causation of growth on human capital accumulation. To analyze this simultaneity, we estimate the dynamic system that describes the behavior of the economy. We obtain the parameters of the aggregate production function and those characterizing the process of human capital accumulation. The joint estimation of the dynamic equations provides evidence about the level effect of eduaction on economic growth. When we do not consider the joint estimation, the outcome changes in the opposite direction. (Copyright: Fundación Empresa Pública)

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Bibliographic Info

Article provided by Fundación SEPI in its journal Investigaciones Economicas.

Volume (Year): 25 (2001)
Issue (Month): 3 (September)
Pages: 585-602

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Handle: RePEc:iec:inveco:v:25:y:2001:i:3:p:585-602

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Keywords: economic growth; human capital accumulation; simultaneous relation; empirical evidence;

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  1. Romer, Paul M., 1990. "Human capital and growth: Theory and evidence," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 32(1), pages 251-286, January.
  2. Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 501-26, May.
  3. Cho, Dongchul, 1996. "An Alternative Interpretation of Conditional Convergence Results," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(4), pages 669-81, November.
  4. N. Gregory Mankiw & David Romer & David N. Weil, 1990. "A Contribution to the Empirics of Economic Growth," NBER Working Papers 3541, National Bureau of Economic Research, Inc.
  5. Benhabib, Jess & Spiegel, Mark M., 1994. "The role of human capital in economic development evidence from aggregate cross-country data," Journal of Monetary Economics, Elsevier, vol. 34(2), pages 143-173, October.
  6. Richard R. Nelson & Edmond S. Phelps, 1965. "Investment in Humans, Technological Diffusion and Economic Growth," Cowles Foundation Discussion Papers 189, Cowles Foundation for Research in Economics, Yale University.
  7. Barro, Robert J. & Lee, Jong-Wha, 1993. "International comparisons of educational attainment," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 363-394, December.
  8. Welch, F, 1970. "Education in Production," Journal of Political Economy, University of Chicago Press, vol. 78(1), pages 35-59, Jan.-Feb..
  9. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output per Worker than Others?," NBER Working Papers 6564, National Bureau of Economic Research, Inc.
  10. Islam, Nazrul, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 1127-70, November.
  11. Nonneman, Walter & Vanhoudt, Patrick, 1996. "A Further Augmentation of the Solow Model and the Empirics of Economic Growth for OECD Countries," The Quarterly Journal of Economics, MIT Press, vol. 111(3), pages 943-53, August.
  12. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  13. Summers, Robert & Heston, Alan, 1991. "The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950-1988," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 327-68, May.
  14. Arantza Gorostiaga, 1999. "¿Cómo afecta el capital público y el capital humano al crecimiento?," Investigaciones Economicas, Fundación SEPI, vol. 23(1), pages 95-114, January.
  15. Frank R. Lichtenberg, 1992. "R&D Investment and International Productivity Differences," NBER Working Papers 4161, National Bureau of Economic Research, Inc.
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Cited by:
  1. Simón Sosvilla-Rivero & Javier Alonso Meseguer, 2005. "Estimación de una función de producción MRW para la economía española, 1910-1995," Investigaciones Economicas, Fundación SEPI, vol. 29(3), pages 609-624, September.
  2. Maria Neycheva, 2008. "Public Expenditure for Education and Economic Growth," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 67-81.
  3. Marcella D'Uva & Rita De Siano, 2007. "Human capital and "club convergence" in Italian regions," Economics Bulletin, AccessEcon, vol. 18(1), pages 1-7.
  4. Fougere M. & Harvey S. & Mercenier J. & Merette M., 2008. "Population Ageing, Time allocation and Human Capital: a General Equilibrium Analysis for Canada," Working Papers ERMES 0806, ERMES, University Paris 2.
  5. Montserrat Hernández López & José Juan Cáceres Hernández, 2006. "Racionalidad en la programación de la oferta educativa pública en Tenerife," Revista de Estudios Regionales, Universidades Públicas de Andalucía, vol. 3, pages 125-151.

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