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Human Capital And Macro-Economic Development : A Review of The Evidence / Rossi, Federico.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Rossi, Federico.
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Educational attainment.
- Health care services industry.
- Human capital.
- Industry.
- Labor markets.
- Production function.
- Rural development.
- Rural labor markets.
- Skills development and labor force training.
- Social protections and labor.
- Local Subjects:
- Educational attainment.
- Health care services industry.
- Human capital.
- Industry.
- Labor markets.
- Production function.
- Rural development.
- Rural labor markets.
- Skills development and labor force training.
- Social protections and labor.
- Physical Description:
- 1 online resource (41 pages)
- Other Title:
- Human Capital And Macro-Economic Development
- Place of Publication:
- Washington, D.C. : The World Bank, 2018.
- System Details:
- data file
- Summary:
- This paper reviews the evidence on the importance of human capital for macro-economic development. Through the lens of a simple aggregate production function, human capital might increase output per capita by directly entering in the production process, incentivising the accumulation of complementary inputs and facilitating the adoption of new technologies. The paper discusses the advantages and limitations of three methodological approaches that have been used to evaluate the importance of these channels: cross-country regressions, development accounting and quantitative models. The key findings in the literature are reviewed, and some of them are replicated using updated data. The bulk of the evidence suggests that human capital is an important determinant of cross-country income gaps, especially when its measurement is broadened to go beyond simple proxies of educational attainment. The paper concludes by highlighting promising avenues for future work.
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