Human Capital Accumulation And Economic Growth
This paper examines how human capital affects growth, considering the reverse impact or causation of growth on human capital accumulation. To analyze this simultaneity, we estimate the dynamic system that describes the behavior of the economy. We obtain the parameters of the aggregate production function and those characterizing the process of human capital accumulation. The joint estimation of the dynamic equations provides evidence about the level effect of eduaction on economic growth. When we do not consider the joint estimation, the outcome changes in the opposite direction. (Copyright: Fundación Empresa Pública)
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