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.
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Volume (Year): 25 (1998)
Issue (Month): 2 (May)
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