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Were Mankiw, Romer, and Weil Right? A reconciliation of the Micro and Macro Effects of Schooling on Income

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  • Theodore Breton

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Abstract

The marginal product of human capital in Mankiw, Romer, and Weil´s [1992] augmented Solow model measures the direct and two external effects of human capital created from schooling on national income. If this model is valid, its estimates of the share of this marginal product accruing to workers should be consistent with estimates of the marginal return on investment in schooling in workers´ earnings´ studies. This paper uses a new set of data for the net human capital stock to show that in 1990 the micro and macro rates are consistent across 36 countries.

Suggested Citation

  • Theodore Breton, 2011. "Were Mankiw, Romer, and Weil Right? A reconciliation of the Micro and Macro Effects of Schooling on Income," DOCUMENTOS DE TRABAJO CIEF 010601, UNIVERSIDAD EAFIT.
  • Handle: RePEc:col:000122:010601
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    Cited by:

    1. Nicola Gennaioli & Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2013. "Human Capital and Regional Development," The Quarterly Journal of Economics, Oxford University Press, vol. 128(1), pages 105-164.
    2. Breton, Theodore R., 2015. "Human capital and growth in Japan: Converging to the steady state in a 1% world," Journal of the Japanese and International Economies, Elsevier, vol. 36(C), pages 73-89.
    3. Mine Yilmazer & Serkan Çinar, 2015. "Human Capabilities and Economic Growth: A Comparative Human Capability Index," International Journal of Economics and Financial Issues, Econjournals, vol. 5(4), pages 843-853.

    More about this item

    Keywords

    Human Capital; Education; Schooling; Neoclassical Model; Economic Growth;

    JEL classification:

    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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