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Human capital and macro-economic development : a review of the evidence
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Rossi, Federico (2020) Human capital and macro-economic development : a review of the evidence. The World Bank Research Observer , 35 (4). pp. 227-262. doi:10.1093/wbro/lkaa002 ISSN 0257-3032.
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Official URL: https://doi.org/10.1093/wbro/lkaa002
Abstract
The role of human capital in facilitating macroeconomic development is at the center of both academic and policy debates. Through the lens of a simple aggregate production function, human capital might increase output per capita by directly entering in the production process, incentivizing the accumulation of complementary inputs, and facilitating the adoption of new technologies. This paper discusses the advantages and limitations of three approaches that have been used to evaluate the empirical 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 policy implications and promising avenues for future work.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HD Industries. Land use. Labor | ||||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||||
Library of Congress Subject Headings (LCSH): | Human capital, Economic development, Human capital -- Econometric models, Economic development -- Effect of education on, Labor market, Education and state | ||||||||
Journal or Publication Title: | The World Bank Research Observer | ||||||||
Publisher: | Oxford University Press | ||||||||
ISSN: | 0257-3032 | ||||||||
Official Date: | August 2020 | ||||||||
Dates: |
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Volume: | 35 | ||||||||
Number: | 4 | ||||||||
Page Range: | pp. 227-262 | ||||||||
DOI: | 10.1093/wbro/lkaa002 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Reuse Statement (publisher, data, author rights): | This is a pre-copyedited, author-produced version of an article accepted for publication in The World Bank Research Observer following peer review. The version of record Federico Rossi, Human Capital and Macroeconomic Development: A Review of the Evidence, The World Bank Research Observer, , lkaa002, is available online at: https://doi.org/10.1093/wbro/lkaa002 | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Date of first compliant deposit: | 25 February 2020 | ||||||||
Date of first compliant Open Access: | 16 October 2021 |
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