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Human capital, aggregation, and growth

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  • GROWIEC, Jakub

Abstract

The famous Mincer equation regressing log earnings on years of schooling is derived from a linear human capital accumulation equation at the individual level. Even if the cross-sectional Mincer equation holds at the level of individuals, it does not hold at the macro level of countries because aggregation of human capital has to take into account its vintage structure:human capital is embodied in people of different generations whose lifespan is finite. Finiteness of people's lives imposes also a limit on the potential of human capital accumulation to drive aggregate economic growth. Aggregate human capital accumulation may however become an engine of growth thanks to human capital externalities (knowledge spillovers). We use these findings to revisit the assumptions of the well-known Uzawa-Lucas growth model from an aggregation perspective.

Suggested Citation

  • GROWIEC, Jakub, 2007. "Human capital, aggregation, and growth," LIDAM Discussion Papers CORE 2007056, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:2007056
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    File URL: https://sites.uclouvain.be/core/publications/coredp/coredp2007.html
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    Cited by:

    1. Growiec, Jakub, 2010. "Human Capital, Aggregation, And Growth," Macroeconomic Dynamics, Cambridge University Press, vol. 14(2), pages 189-211, April.
    2. Jakub Growiec & Christian Groth, 2012. "A Note on Aggregating Human Capital Across Heterogeneous Cohorts," EcoMod2012 4193, EcoMod.
    3. Growiec, Jakub & Groth, Christian, 2015. "On aggregating human capital across heterogeneous cohorts," Mathematical Social Sciences, Elsevier, vol. 78(C), pages 21-38.
    4. Christian Groth & Jakub Growiec, 2017. "Do Mincerian Wage Equations Inform How Schooling Influences Productivity?," EUSP Department of Economics Working Paper Series 2017/04, European University at St. Petersburg, Department of Economics.
    5. Łukasz Jabłoński, 2021. "Ewolucja podejść do kapitału ludzkiego w naukach ekonomicznych," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 2, pages 91-120.
    6. Coppier, Raffaella & Sabatini, Fabio & Sodini, Mauro, 2021. "Social Capital, Human Capital, And Fertility," Macroeconomic Dynamics, Cambridge University Press, vol. 25(3), pages 632-650, April.
    7. Orlando Gomes, 2022. "Human capital and growth in an OLG-life cycle model," SN Business & Economics, Springer, vol. 2(1), pages 1-26, January.

    More about this item

    Keywords

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    JEL classification:

    • I20 - Health, Education, and Welfare - - Education - - - General
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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