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Per Capita Income, Human Capital, and Inequality Convergence: A Latent-Variable Approach

Author

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  • Deepak, Sri Devi
  • Seale, James L., Jr.
  • Moss, Charles B.

Abstract

The purpose of this paper is to empirically analyze determinants of income-level convergence. Specifically, the effect of human capital on per capita income is estimated for 22 countries of the organization for Economic Cooperation and Development (OECD). Additionally, the effects of openness in international trade and investment and government expenditures on per capita income are estimated and evaluated. Human capital is modeled as a latent variable, and results indicate that it is a significant factor in explaining the variation of per capita income levels among the OECD countries. Further, the entire time path of human capital is utilized to explain deviations in per capita income.

Suggested Citation

  • Deepak, Sri Devi & Seale, James L., Jr. & Moss, Charles B., 2003. "Per Capita Income, Human Capital, and Inequality Convergence: A Latent-Variable Approach," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 35.
  • Handle: RePEc:ags:joaaec:43299
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    File URL: http://purl.umn.edu/43299
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    References listed on IDEAS

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    1. Robert Summers & Alan Heston, 1991. "The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950–1988," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 327-368.
    2. Tamura, Robert, 1991. "Income Convergence in an Endogenous Growth Model," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 522-540, June.
    3. Seale, James Jr. & Theil, Henri & Deepak, Sri Devi, 1994. "Growth and its disparity in rich and poor regions," Economics Letters, Elsevier, vol. 45(4), pages 467-470, August.
    4. Ellis W. Tallman, 1992. "Human capital investment and economic growth: new routes in theory address old questions," Economic Review, Federal Reserve Bank of Atlanta, issue Sep, pages 1-12.
    5. Tallman, E.W. & Wang, P., 1992. "Human Capital Investment and Economic Growth: New Routes in Theory and Address Old Questions," Papers 9-92-9, Pennsylvania State - Department of Economics.
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    Cited by:

    1. Weatherspoon, Dave D. & Seale, James L., Jr. & Moss, Charles B., 2003. "Extending Theil's Inequality Index: Addressing Dynamic Convergence in the OECD," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 35.

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