Human capital and returns to scale
Models of endogenous economic growth typically assume that aggregate production is characterised by increasing returns to scale, often as a result of the accumulation of physical and human capital. In this paper, an international data-set on formal educational attainments is used to disaggregate total employment in order to estimate a Cobb-Douglas aggregate production function. The function is estimated, using a pooled cross-section time-series model, for a selection of high income OECD countries for five years in the period 1960-85. The estimation results suggest that increasing returns to scale prevailed.
Volume (Year): 25 (1998)
Issue (Month): 2 (May)
|Contact details of provider:|| Web page: http://www.emeraldinsight.com |
|Order Information:|| Postal: Emerald Group Publishing, Howard House, Wagon Lane, Bingley, BD16 1WA, UK|
Web: http://www.emeraldinsight.com/jes.htm Email:
When requesting a correction, please mention this item's handle: RePEc:eme:jespps:v:25:y:1998:i:2:p:118-123. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Virginia Chapman)
If references are entirely missing, you can add them using this form.