Human Capital and Labour Productivity, Integration of Institutions and Endogenous Growth
This paper is part of a project that attempts to reveal the way labour market institutions, human capital and labour productivity are interconnected. First we discuss two approaches in the human capital theory, stressing some difficulties that could be solved if the approaches are combined. It is argued that the Nelson-Phelps approach could be improved by adding elements from the Lucas model. We think that the production factor of human capital needs a more detailed description than usual in empirical research, e.g. further schooling and training, experience and external effects. Empirical tests show that the frequently obtained conclusion that investments in higher education are too low are doubtful. The tests also show the importance of further education and training, especially on-the-job training.
|Date of creation:||05 Aug 1999|
|Date of revision:|
|Note:||Type of Document - Acrobat Reader *.pdf; prepared on PC and Macintosh; to print on Postscript; pages: 21; figures: Empirical results in tables. Paper for the EALE conference in Regensburg, 23-26 September, 1999.|
|Contact details of provider:|| Web page: http://econwpa.repec.org|
References listed on IDEAS
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- Daron Acemoglu & Jorn-Steffen Pischke, 1998.
"Beyond Becker: Training in Imperfect Labor Markets,"
NBER Working Papers
6740, National Bureau of Economic Research, Inc.
- Acemoglu, Daron & Pischke, Jorn-Steffen, 1999. "Beyond Becker: Training in Imperfect Labour Markets," Economic Journal, Royal Economic Society, vol. 109(453), pages F112-42, February.
- Daron Acemoglu & Joern-Steffen Pischke, 1998. "Beyond Becker: Training in Imperfect Labor Markets," Working papers 98-12, Massachusetts Institute of Technology (MIT), Department of Economics.
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- 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.
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