Further Testing of The Human-Capital Augmented Solow Model
This paper examines further the human-capital augmented Solow growth model, that is, it continues the work of Mankiw, Romer and Weil (1992) and Islam (1995). A panel-data approach with yearly observations is adopted. The main contribution is letting technological progress vary across countries. Additionally, different measures of human capital are used. The paper concludes that letting the technological progress vary does not eliminate the inconsistencies between the human-capital augmented Solow growth model and reality. In the growth equation the sign of the coefficient for every human capital variable is found to be positive and the variable statistically very significant. However, the conclusions related to this fact are only suggestive.
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- Spanos,Aris, 1986. "Statistical Foundations of Econometric Modelling," Cambridge Books, Cambridge University Press, number 9780521269124, October.
- Nazrul Islam, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, Oxford University Press, vol. 110(4), pages 1127-1170.
- Leamer, Edward E, 1983.
"Let's Take the Con Out of Econometrics,"
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American Economic Association, vol. 73(1), pages 31-43, March.
- Benhabib, Jess & Spiegel, Mark M., 1994. "The role of human capital in economic development evidence from aggregate cross-country data," Journal of Monetary Economics, Elsevier, vol. 34(2), pages 143-173, October.
- Summers, Robert & Heston, Alan, 1988. "A New Set of International Comparisons of Real Product and Price Levels Estimates for 130 Countries, 1950-1985," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 34(1), pages 1-25, March.
- NONNEMAN, Walter & VANHOUDT, Patrick, 1995. "A further augmentation of the Solow model and the empirics of economic growth for OECD countries," SESO Working Papers 1995005, University of Antwerp, Faculty of Applied Economics.
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