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Columbia or High School? Understanding the Roles of Education in Development

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  • Rodney Ramcharan

Abstract

No country has achieved sustained economic development without investment in education. Thus, education policy can play a vital role in facilitating development. But which types of schooling-secondary or tertiary-should public policy promote? This paper develops an analytical framework to address this question. It shows how the composition of human capital stock determines a country''s development. Hence, promoting the "wrong" type of schooling can have little effect on development. In addition to identifying some characteristics of an optimal education policy, the paper helps in understanding why empirical studies have failed to find a significant relationship between schooling and growth.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/36.

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Length: 43
Date of creation: 01 Feb 2002
Date of revision:
Handle: RePEc:imf:imfwpa:02/36

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Keywords: Development; schooling; secondary schooling; educational investment; secondary education; educational attainment; education policy; educated workers; education investment; enrollments; educational infrastructure; access to education; education costs; level of education; educational basic education; private education; high school; living standards; quality of education; innovations; types of education; quality of instruction; post secondary education; educational policy; cost of education; education for educational investments; agricultural extension; level of enrollment; quality of life; secondary enrollments; secondary school; educational experience; returns to education; education data; educational decision; education infrastructure; education department; educated labor force; curricula; schooling quality; education and training; education education quality;

References

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  1. Nancy L. Stokey, 1990. "Human Capital, Product Quality, And Growth," NBER Working Papers 3413, National Bureau of Economic Research, Inc.
  2. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  3. Mulligan, Casey B & Sala-i-Martin, Xavier, 2000. " Measuring Aggregate Human Capital," Journal of Economic Growth, Springer, Springer, vol. 5(3), pages 215-52, September.
  4. Matsuyama, Kiminori, 1991. "Increasing Returns, Industrialization, and Indeterminacy of Equilibrium," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 106(2), pages 617-50, May.
  5. Miyagiwa, K., 1989. "Scale Economics In Education And The Brain Drain Problem," Working Papers, University of Washington, Department of Economics 89-09, University of Washington, Department of Economics.
  6. Richard R. Nelson & Edmond S. Phelps, 1965. "Investment in Humans, Technological Diffusion and Economic Growth," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 189, Cowles Foundation for Research in Economics, Yale University.
  7. Wozniak, Gregory D, 1984. "The Adoption of Interrelated Innovations: A Human Capital Approach," The Review of Economics and Statistics, MIT Press, vol. 66(1), pages 70-79, February.
  8. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 22(1), pages 3-42, July.
  9. Galor, O. & Tsiddon, D., 1996. "The Distribution of Human Capital and Economic Growth," Papers, Tel Aviv - the Sackler Institute of Economic Studies 18-96, Tel Aviv - the Sackler Institute of Economic Studies.
  10. Krugman, Paul, 1991. "History versus Expectations," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 106(2), pages 651-67, May.
  11. Lau, Lawrence J. & Jamison, Dean T. & Louat, Frederic F., 1991. "Education and productivity in developing countries : an aggregate production function approach," Policy Research Working Paper Series 612, The World Bank.
  12. Mark Rosenzweig & Andrew D. Foster, . "Technical Change and Human Capital Returns and Investments: Evidence from the Green Revolution," Home Pages, University of Pennsylvania _065, University of Pennsylvania.
  13. Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 105(2), pages 501-26, May.
  14. Mingat, Alain & Jee-Peng Tan, 1998. "The mechanics of progress in education : evidence from cross-country data," Policy Research Working Paper Series 2015, The World Bank.
  15. Bennell, Paul, 1996. "Rates of return to education: Does the conventional pattern prevail in sub-Saharan Africa?," World Development, Elsevier, Elsevier, vol. 24(1), pages 183-199, January.
  16. Romer, Paul, 1993. "Idea gaps and object gaps in economic development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 32(3), pages 543-573, December.
  17. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, Econometric Society, vol. 55(2), pages 251-76, March.
  18. Richard B. Freeman & David L. Lindauer, 1999. "Why Not Africa?," NBER Working Papers 6942, National Bureau of Economic Research, Inc.
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Cited by:
  1. M Salehizadeh, 2005. "Foreign Direct Investment Inflows and the US Economy: An Empirical Analysis," Economic Issues Journal Articles, Economic Issues, Economic Issues, vol. 10(2), pages 29-50, September.

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