Returns to scale in producing human capital from schooling
This study examines a crucial assumption in much of the recent work on endogenous growth, namely, constant returns to scale in producing human capital. A simple model is constructed to show that the returns to scale in human capital production can be inferred from the relationship between the wage rate and years of schooling. A large international micro dataset is used to estimate this relationship. The empirical evidence indicates that human capital production displays significant increasing returns at low levels of educational attainment, and significant decreasing returns at high levels of educational attainment. Copyright 2004, Oxford University Press.
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Volume (Year): 56 (2004)
Issue (Month): 3 (July)
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