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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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Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
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) | ||||
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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, 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: |
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Number: | No.555 | ||||
Number of Pages: | 30 | ||||
Status: | Not Peer Reviewed | ||||
Access rights to Published version: | Open Access (Creative Commons) |
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