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Education and Economic Development: An Empirical Perspective

  • Erich Gundlach

    (Kiel Institute of World Economics)

There is surprisingly little macroeconomic empirical research which would support a presumed link between education and development. I identify three major reasons why it remains difficult to estimate the economic relevance of education as a determinant of growth and development. First, most empirical research has ignored some of the crucial productivity aspects of education as proposed by new growth models. Second, measuring the contribution of education to economic development has largely ignored international differences in rates of return and the quality of education. Third, the allocation of resources within the education sector usually does not follow considerations of efficiency, which implies that additional spending on education cannot be expected to produce substantial output effects.

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Article provided by Chung-Ang Unviersity, Department of Economics in its journal Journal Of Economic Development.

Volume (Year): 26 (2001)
Issue (Month): 1 (June)
Pages: 37-60

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Handle: RePEc:jed:journl:v:26:y:2001:i:1:p:37-60
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  1. Robert J. Barro, 1998. "Notes on Growth Accounting," NBER Working Papers 6654, National Bureau of Economic Research, Inc.
  2. Gundlach, Erich, 1995. "The role of human capital in economic growth: new results and alternative interpretations," Kiel Working Papers 659 [rev.], Kiel Institute for the World Economy.
  3. Benhabib, J. & Spiegel, M., 1992. "The Role of Human Capital in economic Development: Evidence form Aggregate Cross-Country Regional U.S. Data," Working Papers 92-46, C.V. Starr Center for Applied Economics, New York University.
  4. Edward C. Prescott, 1997. "Needed: a theory of total factor productivity," Staff Report 242, Federal Reserve Bank of Minneapolis.
  5. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  6. Zvi Griliches, 1996. "Education, Human Capital and Growth: A Personal Perspective," Harvard Institute of Economic Research Working Papers 1745, Harvard - Institute of Economic Research.
  7. Eric A. Hanushek & Steven G. Rivkin, 1997. "Understanding the Twentieth-Century Growth in U.S. School Spending," Journal of Human Resources, University of Wisconsin Press, vol. 32(1), pages 35-68.
  8. Pritchett, Lant & Filmer, Deon, 1999. "What education production functions really show: a positive theory of education expenditures," Economics of Education Review, Elsevier, vol. 18(2), pages 223-239, April.
  9. Psacharopoulos, George, 1994. "Returns to investment in education: A global update," World Development, Elsevier, vol. 22(9), pages 1325-1343, September.
  10. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output Per Worker Than Others?," The Quarterly Journal of Economics, MIT Press, vol. 114(1), pages 83-116, February.
  11. Eric A. Hanushek & Dongwook Kim, 1995. "Schooling, Labor Force Quality, and Economic Growth," NBER Working Papers 5399, National Bureau of Economic Research, Inc.
  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.
  13. Gemmell, Norman, 1996. "Evaluating the Impacts of Human Capital Stocks and Accumulation on Economic Growth: Some New Evidence," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 58(1), pages 9-28, February.
  14. Paul Romer, 1989. "Endogenous Technological Change," NBER Working Papers 3210, National Bureau of Economic Research, Inc.
  15. Nelson, Richard R, 1973. "Recent Exercises in Growth Accounting: New Understanding or Dead End?," American Economic Review, American Economic Association, vol. 63(3), pages 462-68, June.
  16. Gundlach, Erich, 1999. "Die Produktivität der Bildung," Open Access Publications from Kiel Institute for the World Economy 2320, Kiel Institute for the World Economy (IfW).
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