Ricardo Corrêa Cangussu () Márcio A. Salvato () (Department of Economics, Pontifícia Universidade Católica do Paraná) Luciano Nakabashi () (Department of Economics, Universidade Federal do Paraná)
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Human capital, productivity and physical capital are considered the main factors in the economies’ GDP per capita determination. According to the neoclassical approach, human capital accumulation explains about a third of the variation in per capita income across countries. However, there is no consensus on the ways in which human capital influences GDP per capita. The present study’s goal is to compare two production functions functional forms for the Brazilian States: the one developed by SOLOW (1956) and the one developed by MINCER (1974). The marginal return of education also has been estimated and we have analyzed the relevance of human capital on GDP per capita determination through a variety of estimation methods, for the 1980-2002 period. The empirical results rejected the neoclassical specification with human capital in favor of the mincerian’s specification. The estimated marginal return of education is 15% and the empirical findings support the theory that states that human capital is one of the main factors affecting income level.
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Paper provided by Universidade Federal do Paraná, Department of Economics in its series Working Papers with number
0073.
Length: 19 pages Date of creation: 2008 Date of revision: Handle: RePEc:fup:wpaper:0073
Note: Creation Date corresponds to the year in which the paper was published on the Department of Economics website. The paper may have been written a small number of months before its publication date. Contact details of provider: Postal: Av. Prefeito Loth�rio Meissner, 632 - t�rreo, Bairro Jardim Bot�nico, 80210-170 Curitiba - PR Phone: (041)360-4350 Fax: (041)360-4471 Email: Web page: http://www.economiaetecnologia.ufpr.br/ More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Luciano Nakabashi).