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Human Capital and Education in Puerto Rico

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Abstract

Educational attainment is an important element of human capital; however a series of recent papers highlights the crucial role of the quality of education?which determines the skills actually learned, rather than the number of years spent in a classroom?as a main driver of growth. In fact, Hanushek and Woessmann argue that the importance of more appropriately measuring skills is seen in the very tight relationship between quality of skills, or knowledge capital, and growth. Moreover, the researchers state, ?The knowledge capital?growth relationship suggests little mystery for East Asia, Latin America, or other regions: Growth rates are accounted for by cognitive skills.? Similarly, ?Considering knowledge capital dramatically increases our ability to account for differences in growth.?

Suggested Citation

  • Rajashri Chakrabarti & Giacomo De Giorgi & Rachel Schuh, 2016. "Human Capital and Education in Puerto Rico," Liberty Street Economics 20160811, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:87146
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    More about this item

    Keywords

    Education; Puerto Rico; Human Capital;
    All these keywords.

    JEL classification:

    • Q1 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture
    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics

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