Evaluating the Impacts of Human Capital Stocks and Accumulation on Economic Growth: Some New Evidence
AbstractVarious hypotheses have been put forward in recent years concerning the contributions of human capital to economic growth. This paper argues that school enrollment rates by far the most commonly used human capital measure in growth regressions attempting to test these hypotheses--conflate human capital stock and accumulation effects and lead to misinterpretations of the role of labor force growth. An alternative education-related human capital measure is constructed which is capable of distinguishing between stocks and flows. Applying this measure to samples of developed and less developed countries during the 1960-85 period suggests not only that there are important growth effects associated both with 'initial' stacks of, and subsequent growth in, human capital, but also that this new measure out-performs the simple school enrollment rates used in previous analyses. Copyright 1996 by Blackwell Publishing Ltd
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Bibliographic InfoPaper provided by University of Nottingham, CREDIT in its series Discussion Papers with number 95/17.
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- Gemmell, Norman, 1996. "Evaluating the Impacts of Human Capital Stocks and Accumulation on Economic Growth: Some New Evidence," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 58(1), pages 9-28, February.
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