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Human Capital and Growth:Specification Matters

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abstract This paper suggests that the weak empirical effect of human capital on growth in existing cross-country studies is partly the result of an inappropriate specification that does not account for the different channels through which human capital affects growth. A systematic
replication of earlier results from the literature shows that both, initial levels and changes in human capital, have positive growth effects, while in isolation, each channel often appears insignificant. Studies that do not account for both channels might underestimate the effect of human capital due to convergence in human capital, in particular when measuring human capital in log average years of schooling. This study therefore complements alternative explanations for the weak growth effects of human capital based on outlier observations and measurement issues
   
type discussion paper (English)
   
keywords Human Capital, Growth Regressions, Specification
   
date of appearance 1-1-2011
issuing department SCALA
series of paper SCALA (2011)
publisher The St.Gallen Research Centre for Ageing, Welfare, and Labour Market Analysis (St.Gallen)
page(s) 30
review double-blind review
   
citation Sunde, U., & Vischer, T., SCALA (Eds.), (2011). Human Capital and Growth:Specification Matters. SCALA, 2011. St.Gallen: The St.Gallen Research Centre for Ageing, Welfare, and Labour Market Analysis.