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US-Europe Differences in Technology-Driven Growth: Quantifying the Role of Education

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  • Dirk Krueger
  • Krishna B. Kumar

Abstract

European economic growth has been weak, compared to the US, since the 80s. In previous work (Krueger and Kumar, 2003), we argued that the European focus on specialized, vocational education might have been effective during the 60s and 70s, but resulted in a growth gap relative to the US during the subsequent information age, when new technologies emerged more rapidly. In this paper, we extend our framework to assess the quantitative importance of education policy, when compared to labor market rigidity and product market regulation, other policy differences more commonly suggested to be responsible for US-Europe differences. A assigns a major role to education policy in explaining US-Europe growth differences.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10001.

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Date of creation: Sep 2003
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Publication status: published as Krueger, Dirk and Krishna B. Kumar. "US-Europe Differences in Technology-Driven Growth: Quantifying the Role of Education." Journal of Monetary Economics 51(1): 161-190, January 2004
Handle: RePEc:nbr:nberwo:10001

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