Hierarchical Human Capital and Economic Growth: Theory and Evidence
We embed an N-level human-capital hierarchy in a growth model and demonstrate that the hierarchical structure generates an optimal investment program with phases of stock depletion and expansion in the stocks of the various levels of humancapital. We then take the implications of the model to data from a diverse sample of countries and find patterns of stock expansion and contraction consistent with the theoretical model. We also illustrate how allowing for hierarchical human-capital formation might contribute to the empirical growth literature.
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Volume (Year): 165 (2009)
Issue (Month): 4 (December)
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References listed on IDEAS
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- Benhabib, Jess & Spiegel, Mark M., 1994. "The role of human capital in economic development evidence from aggregate cross-country data," Journal of Monetary Economics, Elsevier, vol. 34(2), pages 143-173, October.
- Robert J. Barro, 1989.
"Economic Growth in a Cross Section of Countries,"
NBER Working Papers
3120, National Bureau of Economic Research, Inc.
- Driskill, Robert A & Horowitz, Andrew W, 2002. "Investment in Hierarchical Human Capital," Review of Development Economics, Wiley Blackwell, vol. 6(1), pages 48-58, February.
- Peter J. Klenow & Mark Bils, 2000. "Does Schooling Cause Growth?," American Economic Review, American Economic Association, vol. 90(5), pages 1160-1183, December.
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