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Capital Augmenting and Labor Augmenting Approach in Measuring Contribution of Human Capital and Education to Economic Growth

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  • Milenko Popovic

    (INSTITUTE OF ECONOMIC SCIENCES, Belgrade, Serbia & Montenegro)

Abstract

In this paper an effort has been made to unveil some hidden and implicit assumptions that has been used in different models dealing with analysis and measurement of contribution of human capital to economic growth. In order to do it we started from the general production function with heterogeneous labor input and general production function with heterogeneous human and physical capital. By introducing different assumptions regarding the partial elasticity of substitution between different factors of production we derived different models for human capital contribution. Apart from making hidden assumptions of existing models explicit we also derived several others models that can be used for the same purposes.

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File URL: http://128.118.178.162/eps/dev/papers/0502/0502002.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Development and Comp Systems with number 0502002.

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Length: 39 pages
Date of creation: 05 Feb 2005
Date of revision:
Handle: RePEc:wpa:wuwpdc:0502002

Note: Type of Document - pdf; pages: 39
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Web page: http://128.118.178.162

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Keywords: Economic Growth; Growth Accounting; Human Capital; Capital of Education; Partial Elasticity of Sustitution;

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References

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Cited by:
  1. Popović, Milenko, 2007. "Rising Wage Inequality, Rate of Return on Investment in Education and Cost of Education," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 35-58.

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