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The level and growth effects in the empirics of economic growth

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  • Rao, B. Bhaskara
  • Gounder, Rukmini

Abstract

Mankiw, Romer and Weil (1992) have extended the Solow (1956) model by augmenting the production function with human capital. Its empirical success is impressive and it showed a procedure to improve the explanatory power of the neoclassical growth model. This paper suggests an empirical procedure to further extend the neoclassical growth model to distinguish between the growth and level effects of shift variables like the human capital. We use time series data from Guatemala to show that while the growth effects of education are small, they are significant and dominate the level effects.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 1841.

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Date of creation: 20 Feb 2007
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Handle: RePEc:pra:mprapa:1841

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Keywords: Solow Growth Model; Production Function; Shift Variables; Human Capital Level and Growth Effects;

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