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The role of human capital in economic growth

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  • Vladimir Teles

Abstract

This study presents stylized facts for economic growth for the second half of the 20th century, and evaluates the explanatory capacity of these facts by two of the main theoretical approaches that deal with the relation between human capital and growth: the Lucas (1988) model, and the Nelson and Phelps (1966) model. The results obtained indicate that the Lucas (1988) model satisfactorily explains the growth of 'rich' countries, but does not explain the poverty traps in which poor countries found themselves during the period under study. Conversely, the simulations conducted according to the Nelson-Phelps approach (1966) adequately replicate the poverty traps, but the approach is unable to do so for rich country dynamics.

Suggested Citation

  • Vladimir Teles, 2005. "The role of human capital in economic growth," Applied Economics Letters, Taylor & Francis Journals, vol. 12(9), pages 583-587.
    • Handle: RePEc:taf:apeclt:v:12:y:2005:i:9:p:583-587
    DOI: 10.1080/13504850500077013
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    Cited by:

    1. Sherrill Shaffer, 2009. "Industrial structure and economic stability," Applied Economics Letters, Taylor & Francis Journals, vol. 16(6), pages 549-555.
    2. Khurram Jamali & Kirsten Wandschneider & Phanindra Wunnava, 2007. "The effect of political regimes and technology on economic growth," Applied Economics, Taylor & Francis Journals, vol. 39(11), pages 1425-1432.

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