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Does Human Capital Matter for Growth in OECD Countries?: Evidence from Pooled Mean-Group Estimates

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  • Andrea Bassanini
  • Stefano Scarpetta

Abstract

This paper presents empirical estimates of human-capital augmented growth equations for a panel of 21 OECD countries over the period 1971-98. It uses an improved dataset on human capital and a novel econometric technique that reconciles growth model assumptions with the needs of panel data regressions. Unlike several previous studies, our results point to a positive and significant impact of human capital accumulation to output per capita growth. The estimated long-run effect on output of one additional year of education (about 6 per cent) is also consistent with microeconomic evidence on the private returns to schooling. We also found a significant growth effect from the accumulation of physical capital and a speed of convergence to the steady state of around 15 per cent per year. Taken together these results are not consistent with the human capital augmented version of the Solow model, but rather they support an endogenous growth model à la Uzawa-Lucas, with constant returns to ... Ce document présente des estimations d’équations de croissance étendues pour tenir compte du capital humain estimées sur des données de panel pour 21 pays de l’OCDE pour la période 1971-98. Le document est basé sur des séries révisées de capital humain et une procédure économétrique nouvelle qui réconcilie les hypothèses d’un modèle de croissance avec les contraintes des régressions de panel. Contrairement à plusieurs études précédentes, nos résultats suggèrent un impact positif et significatif de l’accumulation du capital humain sur la croissance de la production par tête. Selon nos estimations, une année supplémentaire de niveau moyen d’études dans un pays aurait un effet positif à long terme sur la production (de 6 pour cent approximativement), ce qui est en accord avec l’évidence microéconomique sur le taux de rendement privé de l’investissement en éducation. On trouve également des effets significatifs de l’investissement en capital physique sur la production est une vitesse de convergence vers l’équilibre à long terme de 15 pour cent par an en moyenne. Dans leur ensemble, ces résultats ne sont pas cohérents avec le modèle de Solow étendu pour tenir compte du capital humain. Cependant ils sont compatibles avec un modèle de croissance endogène à la Uzawa-Lucas, avec des rendements d’échelle constants par rapport au capital...

Suggested Citation

  • Andrea Bassanini & Stefano Scarpetta, 2001. "Does Human Capital Matter for Growth in OECD Countries?: Evidence from Pooled Mean-Group Estimates," OECD Economics Department Working Papers 282, OECD Publishing.
  • Handle: RePEc:oec:ecoaaa:282-en
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    File URL: http://dx.doi.org/10.1787/424300244276
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    More about this item

    Keywords

    capital humain; croissance; données de panel; growth; human capital; panel data;

    JEL classification:

    • 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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