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Were Mankiw, Romer, And Weil Right? A Reconciliation Of The Micro And Macro Effects Of Schooling On Income

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  • Breton, Theodore R.

Abstract

In Mankiw, Romer, and Weil's augmented Solow model [Quarterly Journal of Economics 107 (2) 407–437 (1992)], the marginal product of human capital accrues to three factors of production: directly to human capital, and as an external effect to physical capital and labor. This paper estimates national stocks of human capital in 1990 created from prior investment in schooling and shows that for 36 countries the (macro) marginal product of human capital accruing to workers in 1990 is consistent with estimates of the (micro) marginal return on investment in schooling in workers' earnings studies. This reconciliation provides empirical evidence for the augmented Solow model.

Suggested Citation

  • Breton, Theodore R., 2013. "Were Mankiw, Romer, And Weil Right? A Reconciliation Of The Micro And Macro Effects Of Schooling On Income," Macroeconomic Dynamics, Cambridge University Press, vol. 17(5), pages 1023-1054, July.
    • Handle: RePEc:cup:macdyn:v:17:y:2013:i:05:p:1023-1054_00
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    Cited by:

    1. Nicola Gennaioli & Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2013. "Human Capital and Regional Development," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 128(1), pages 105-164.
    2. Casey B. Mulligan, 2020. "Economic Activity and the Value of Medical Innovation during a Pandemic," Working Papers 2020-48, Becker Friedman Institute for Research In Economics.
    3. Breton, Theodore R., 2015. "Human capital and growth in Japan: Converging to the steady state in a 1% world," Journal of the Japanese and International Economies, Elsevier, vol. 36(C), pages 73-89.
    4. Jude I. Iziga, 2022. "A new way to look at old issues: Worker education and regional economic growth," Economics Bulletin, AccessEcon, vol. 42(3), pages 1388-1398.
    5. Oscar Iván Avila-Montealegre & Juan J. Ospina-Tejeiro & Mario A. Ramos-Veloza, 2024. "Macroeconomic Effects of Healthcare Financing in Colombia," Borradores de Economia 1278, Banco de la Republica de Colombia.
    6. Mine Yilmazer & Serkan inar, 2015. "Human Capabilities and Economic Growth: A Comparative Human Capability Index," International Journal of Economics and Financial Issues, Econjournals, vol. 5(4), pages 843-853.
    7. Theodore R. Breton & Andrew S. Breton, 2021. "Growth in a macro‐Mincer model: Good results with schooling and experience interactions," Review of Development Economics, Wiley Blackwell, vol. 25(2), pages 563-581, May.
    8. Casey B. Mulligan, 2020. "Economic Activity and the Value of Medical Innovation during a Pandemic," NBER Working Papers 27060, National Bureau of Economic Research, Inc.
    9. Ioannatos, Petros E., 2021. "Systematic growth asymmetry in the Eurozone? Evidence from a natural experiment," The Journal of Economic Asymmetries, Elsevier, vol. 24(C).
    10. Spyridon Boikos & Theodore Panagiotidis & Elisavet Serenidou & Thanasis Stengos, 2023. "Revisiting the Mankiw et al. (1992) growth regressions," Economics and Business Letters, Oviedo University Press, vol. 12(3), pages 241-247.
    11. Petros E. Ioannatos, 2021. "Brexit or Euro for the UK? Evidence from Panel Data," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 63(1), pages 117-138, March.

    More about this item

    JEL classification:

    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • 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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