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The accumulation of human capital: alternative methods and why they matter

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  • Murat F. Iyigun
  • Ann L. Owen

Abstract

We show how the ability to accumulate human capital through formal education and through a learning-by-doing process that occurs on the job affects the dynamic behavior of the human capital stock under a liquidity-constrained and a non-constrained case. When there are alternatives to formal schooling in the accumulation of human capital, investing resources in increasing school enrollment rates in low-income countries may not be the most efficient means of increasing the human capital stock. In addition, removal of liquidity constraints may not be sufficient to escape a development trap.

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  • Murat F. Iyigun & Ann L. Owen, 1996. "The accumulation of human capital: alternative methods and why they matter," International Finance Discussion Papers 551, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgif:551
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    References listed on IDEAS

    as
    1. Jacob Mincer, 1993. "Studies In Human Capital," Books, Edward Elgar Publishing, number 316.
    2. Pritchett, Lant, 1996. "Where has all the education gone?," Policy Research Working Paper Series 1581, The World Bank.
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