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A reassessment of human capital convergence and its determinants: evidence from a cross-country analysis

Author

Listed:
  • Vaseem Akram
  • Bibhudutta Panda
  • Badri Narayan Rath
  • Chandan Kumar Jha

Abstract

Despite significant improvements in enrolment rates in developing countries over recent decades, global disparities in human capital persist. This study re-examines whether human capital levels are converging globally or if countries tend to cluster around multiple steady-state equilibria. The empirical exercise identifies two distinct steady states: one with higher levels of human capital and another with lower levels. This study finds that a country’s initial human capital level is crucial in determining which steady state it converges to. Countries with extremely low initial human capital tend to converge to the lower steady state. Additionally, this study highlights public spending on education, economic growth, population growth, access to bank credit, and openness as key factors influencing human capital disparities across countries.

Suggested Citation

  • Vaseem Akram & Bibhudutta Panda & Badri Narayan Rath & Chandan Kumar Jha, 2026. "A reassessment of human capital convergence and its determinants: evidence from a cross-country analysis," Applied Economics, Taylor & Francis Journals, vol. 58(7), pages 1415-1430, February.
    • Handle: RePEc:taf:applec:v:58:y:2026:i:7:p:1415-1430
    DOI: 10.1080/00036846.2025.2467261
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