Further Testing of The Human-Capital Augmented Solow Model
AbstractThis paper examines further the human-capital augmented Solow growth model, that is, it continues the work of Mankiw, Romer and Weil (1992) and Islam (1995). A panel-data approach with yearly observations is adopted. The main contribution is letting technological progress vary across countries. Additionally, different measures of human capital are used. The paper concludes that letting the technological progress vary does not eliminate the inconsistencies between the human-capital augmented Solow growth model and reality. In the growth equation the sign of the coefficient for every human capital variable is found to be positive and the variable statistically very significant. However, the conclusions related to this fact are only suggestive.
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Bibliographic InfoPaper provided by Government Institute for Economic Research Finland (VATT) in its series Discussion Papers with number 189.
Date of creation: 01 Jan 1999
Date of revision:
Find related papers by JEL classification:
- C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
- Z00 - Other Special Topics - - General - - - General
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
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- Summers, Robert & Heston, Alan, 1988. "A New Set of International Comparisons of Real Product and Price Levels Estimates for 130 Countries, 1950-1985," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 34(1), pages 1-25, March.
- 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.
- Edward E. Leamer, 1982.
"Let's Take the Con Out of Econometrics,"
UCLA Economics Working Papers
239, UCLA Department of Economics.
- Islam, Nazrul, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 1127-70, November.
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