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Growth and Human Capital: Good Data, Good Results

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  • Cohen, Daniel
  • Soto, Marcelo

Abstract

This Paper presents a new set of data on human capital. It is constructed so as to stay as close as possible to the censuses compiled by national, OECD or UNESCO sources. We then use these data to test a model that embeds the Mincerian approach to human capital into the Mankiw, Romer and Weil version of the neo-classical model. We find that the model performs extremely well. Physical and human capital appears to carry social returns that are essentially identical to the private ones.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 3025.

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Date of creation: Oct 2001
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Handle: RePEc:cpr:ceprdp:3025

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Keywords: education; growth; human capital;

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  20. David Hendry & Hans-Martin Krolzig, 2004. "We Ran One Regression," Economics Series Working Papers 2004-W17, University of Oxford, Department of Economics.
  21. Marcelo Soto, 2002. "Rediscovering Education in Growth Regressions," OECD Development Centre Working Papers 202, OECD Publishing.
  22. Psacharopoulos, George, 1993. "Returns to investment in education : a global update," Policy Research Working Paper Series 1067, The World Bank.
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  24. Jacob A. Mincer, 1974. "Schooling, Experience, and Earnings," NBER Books, National Bureau of Economic Research, Inc, number minc74-1, octubre-d.
  25. Jonathan R. W. Temple, 1998. "Robustness tests of the augmented Solow model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 13(4), pages 361-375.
  26. Xavier Sala-I-Martin & Gernot Doppelhofer & Ronald I. Miller, 2004. "Determinants of Long-Term Growth: A Bayesian Averaging of Classical Estimates (BACE) Approach," American Economic Review, American Economic Association, vol. 94(4), pages 813-835, September.
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