Does Human Capital Matter for Growth in OECD Countries? : Evidence from Pooled Mean-Group Estimates / Andrea Bassanini and Stefano Scarpetta.

Format:

Book

Government document

Author/Creator:

Bassanini, Andrea, author.

Contributor:

Scarpetta, Stefano.

SourceOECD (Online service)

Series:

OECD Economics Department Working Papers 18151973 ; no.282.

OECD Economics Department Working Papers 18151973 ; no.282

Language:

English

Subjects (All):

Economics.

Physical Description:

1 online resource (30 pages).

Place of Publication:

Paris : OECD Publishing, 2001.

System Details:

text file

Summary:

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 ...

Notes:

Title from title screen (viewed May 1, 2017).

Access Restriction:

Restricted for use by site license.