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Human Capital, Aggregation, and Growth

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Author Info
Growiec, Jakub

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Abstract

The famous Mincer equation regressing log earnings on years of schooling is derived from a linear human capital accumulation equation at the individual level. Even if the cross-sectional Mincer equation holds at the level of individuals, it does not hold at the macro level of countries because aggregation of human capital has to take into account its vintage structure: human capital is embodied in people of different generations whose lifespan is finite. Finiteness of people’s lives imposes also a limit on the potential of human capital accumulation to drive aggregate economic growth. Aggregate human capital accumulation may however become an engine of growth thanks to human capital externalities (knowledge spillovers). We use these findings to revisit the assumptions of the well-known Uzawa–Lucas growth model from an aggregation perspective.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 7070.

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Date of creation: 04 Jul 2007
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Handle: RePEc:pra:mprapa:7070

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Related research
Keywords: human capital accumulation Mincer equation aggregation vintage structure balanced growth

Find related papers by JEL classification:
I20 - Health, Education, and Welfare - - Education - - - General
J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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  1. Ananth Seshadri & Rodolfo Manuelli, 2005. "Human Capital and the Wealth of Nations," 2005 Meeting Papers 56, Society for Economic Dynamics.
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    Other versions:
  3. 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. [Downloadable!] (restricted)
  4. Raouf Boucekkine & David de la Croix & Omar Licandro, 2003. "Early Mortality Declines at the Dawn of Modern Growth," Scandinavian Journal of Economics, Blackwell Publishing, vol. 105(3), pages 401-418, 09. [Downloadable!] (restricted)
    Other versions:
  5. Jacob Mincer, 1958. "Investment in Human Capital and Personal Income Distribution," Journal of Political Economy, University of Chicago Press, vol. 66, pages 281. [Downloadable!] (restricted)
  6. Arias, Omar & McMahon, Walter W., 2001. "Dynamic rates of return to education in the U.S," Economics of Education Review, Elsevier, vol. 20(2), pages 121-138, April. [Downloadable!] (restricted)
  7. Heckman, James J. & Lochner, Lance J. & Todd, Petra E., 2003. "Fifty Years of Mincer Earnings Regressions," IZA Discussion Papers 775, Institute for the Study of Labor (IZA). [Downloadable!]
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  8. Angel de la Fuente & Rafael Doménech, 2006. "Human Capital in Growth Regressions: How Much Difference Does Data Quality Make?," Journal of the European Economic Association, MIT Press, vol. 4(1), pages 1-36, 03. [Downloadable!] (restricted)
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  9. Borjas, George J, 1992. "Ethnic Capital and Intergenerational Mobility," The Quarterly Journal of Economics, MIT Press, vol. 107(1), pages 123-50, February. [Downloadable!] (restricted)
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  10. Rangazas, Peter, 2000. "Schooling and economic growth: A King-Rebelo experiment with human capital," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 397-416, October. [Downloadable!] (restricted)
  11. Gong, Gang & Greiner, Alfred & Semmler, Willi, 2004. "The Uzawa-Lucas model without scale effects: theory and empirical evidence," Structural Change and Economic Dynamics, Elsevier, vol. 15(4), pages 401-420, December. [Downloadable!] (restricted)
  12. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May. [Downloadable!] (restricted)
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  13. Mark Bils & Peter J. Klenow, 2000. "Does Schooling Cause Growth?," American Economic Review, American Economic Association, vol. 90(5), pages 1160-1183, December. [Downloadable!] (restricted)
  14. Psacharopoulos, George, 1994. "Returns to investment in education: A global update," World Development, Elsevier, vol. 22(9), pages 1325-1343, September. [Downloadable!] (restricted)
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  15. Yoram Ben-Porath, 1967. "The Production of Human Capital and the Life Cycle of Earnings," Journal of Political Economy, University of Chicago Press, vol. 75, pages 352. [Downloadable!] (restricted)
  16. Peter Rangazas, 2005. "Human Capital and Growth: An Alternative Accounting," Topics in Macroeconomics, Berkeley Electronic Press, vol. 5(1), pages 1307-1307. [Downloadable!] (restricted)
  17. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July. [Downloadable!] (restricted)
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