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Human Capital and Macroeconomic Growth: Austria and Germany 1960-1997 - An Update

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  • Koman, Reinhard

    (Institute for Advanced Studies, Vienna)

  • Marin, Dalia

    (University of Munich and CEPR)

Abstract

In an influential paper Mankiw, Romer, and Weil (1992) argue that the evidence on the international disparity in per-capita income levels and growth rates is consistent with a standard Solow model, once it has been augmented to include human capital as an accumulable factor. In a study on Austria and Germany we augment the Solow model to allow for the accumulation of human capital. Based on a perpetual inventory procedure we construct measures of human capital stocks. We find that the time series evidence on Austria and Germany is not consistent with a human-capital-augmented Solow model. Factor accumulation appears to be less (and not more) able to account for the cross-country growth performance of Austria and Germany when human capital accumulation is included. Our results indicate that differences in technology are a driving factor in understanding cross-country growth between these two neighboring countries with similar political and institutional background.

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File URL: http://www.ihs.ac.at/publications/eco/es-69.pdf
File Function: First version, 1999
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Bibliographic Info

Paper provided by Institute for Advanced Studies in its series Economics Series with number 69.

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Length: 25 pages
Date of creation: Sep 1999
Date of revision:
Handle: RePEc:ihs:ihsesp:69

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Related research

Keywords: Economic Growth; Total Factor Productivity; Human Capital; Technical Change; Growth Accounting;

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  1. 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.
  2. Rodrik, Dani, 1997. "TFPG Controversies, Institutions, and Economic Performance in East Asia," CEPR Discussion Papers 1587, C.E.P.R. Discussion Papers.
  3. Ben-David, Dan, 1993. "Equalizing Exchange: Trade Liberalization and Income Convergence," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 653-79, August.
  4. Aghion, P. & Howitt, P., 1989. "A Model Of Growth Through Creative Destruction," UWO Department of Economics Working Papers 8904, University of Western Ontario, Department of Economics.
  5. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth Through Creative Destruction," Scholarly Articles 12490578, Harvard University Department of Economics.
  6. Benhabib, Jess & Jovanovic, Boyan, 1991. "Externalities and Growth Accounting," American Economic Review, American Economic Association, vol. 81(1), pages 82-113, March.
  7. Paul M. Romer, 1989. "Human Capital And Growth: Theory and Evidence," NBER Working Papers 3173, National Bureau of Economic Research, Inc.
  8. Gene M. Grossman & Elhanan Helpman, 1994. "Endogenous Innovation in the Theory of Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 23-44, Winter.
  9. George Psacharopoulos, 1985. "Returns to Education: A Further International Update and Implications," Journal of Human Resources, University of Wisconsin Press, vol. 20(4), pages 583-604.
  10. Mulligan, Casey B & Sala-i-Martin, Xavier, 1995. "A Labour-Income-Based Measure of the Value of Human Capital: An Application to the States of the United States," CEPR Discussion Papers 1146, C.E.P.R. Discussion Papers.
  11. 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.
  12. Alwyn Young, 1992. "A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore," NBER Chapters, in: NBER Macroeconomics Annual 1992, Volume 7, pages 13-64 National Bureau of Economic Research, Inc.
  13. Peter Klenow & Andrés Rodríguez-Clare, 1997. "The Neoclassical Revival in Growth Economics: Has It Gone Too Far?," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 73-114 National Bureau of Economic Research, Inc.
  14. Marin, Dalia, 1995. "Learning and Dynamic Comparative Advantage: Lessons from Austria's Post-war Pattern of Growth for Eastern Europe," CEPR Discussion Papers 1116, C.E.P.R. Discussion Papers.
  15. Nehru, Vikram & Swanson, Eric & Dubey, Ashutosh, 1995. "A new database on human capital stock in developing and industrial countries: Sources, methodology, and results," Journal of Development Economics, Elsevier, vol. 46(2), pages 379-401, April.
  16. Hahn, Franz & Schmoranz, Ingo, 1984. "Estimates of Capital Stock by Industries for Austria," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 30(3), pages 289-307, September.
  17. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October.
  18. Paul M. Romer, 1987. "Crazy Explanations for the Productivity Slowdown," NBER Chapters, in: NBER Macroeconomics Annual 1987, Volume 2, pages 163-210 National Bureau of Economic Research, Inc.
  19. N. Gregory Mankiw, 1995. "The Growth of Nations," Harvard Institute of Economic Research Working Papers 1732, Harvard - Institute of Economic Research.
  20. Marin, Dalia, 1992. "Is the Export-Led.Growth Hypothesis Valid for Industrialized Countries?," The Review of Economics and Statistics, MIT Press, vol. 74(4), pages 678-88, November.
  21. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  22. Alwyn Young, 1998. "Growth without Scale Effects," Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 41-63, February.
  23. Ulrich Rendtel & Johannes Schwarze, 1995. "Zum Zusammenhang zwischen Lohnhöhe und Arbeitslosigkeit: neue Befunde auf Basis semi-parametrischer Schätzungen und eines verallgemeinerten Varianz-Komponenten-Modells," Discussion Papers of DIW Berlin 118, DIW Berlin, German Institute for Economic Research.
  24. Young, Alwyn, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 641-80, August.
  25. Jones, Charles I, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 495-525, May.
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Citations

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Cited by:
  1. Simeonova-Ganeva, Ralitsa & Panayotova, Nataliya, 2008. "Човешки Капитал, Водещ Човешки Капитал И Доходи От Труд: Как Образованието Определя Дохода От Труд В Икономик," MPRA Paper 34261, University Library of Munich, Germany.
  2. Simeonova-Ganeva, Ralitsa, 2006. "Влияние На Човешкия Капитал Върху Икономическия Растеж (България, 1949-2005 Г.)
    [The Impact of Human Capital on the Economic Growth (Bulgari
    ," MPRA Paper 37244, University Library of Munich, Germany.

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