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Micro evidence on human capital as the engine of growth

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Trostel, Philip A. (2000) Micro evidence on human capital as the engine of growth. Working Paper. Coventry: University of Warwick, Department of Economics. Warwick economic research papers (No.555).

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Abstract

This study examines a crucial assumption in much of the recent work on endogenous growth, namely, constant returns to scale in the production of human capital. A simple model is constructed to show that the returns to scale in human capital production can be inferred from the relationship between the wage rate and years of schooling. A large international micro dataset is used to estimate this relationship. The empirical evidence is decisive. There are decreasing returns to scale in human capital production; that is, the micro-level evidence is not supportive of endogenous growth driven by human capital accumulation.

Item Type: Working or Discussion Paper (Working Paper)
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, Endogenous growth (Economics), Wages -- Effect of education on
Series Name: Warwick economic research papers
Publisher: University of Warwick, Department of Economics
Place of Publication: Coventry
Official Date: March 2000
Dates:
DateEvent
March 2000Published
Number: No.555
Number of Pages: 30
Status: Not Peer Reviewed
Access rights to Published version: Open Access

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