Endogenous growth, the Solow model and human capital |
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Authors: | Norman Gemmell |
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Institution: | (1) Centre for Research in Economic Development and International Trade, University of Nottingham, U.K. |
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Abstract: | Both endogenous growth theory and the (augmented) Solow model propose a role for human capital in the growth process though each is based on different conceptual arguments. Since both approaches can justify the inclusion of human capitallevels andgrowth rates in an output growth regression the two theories cannot readily be distinguished empirically. This paper argues that the variable most commonly used in empirical studies to proxy human capital (levels or growth) — school enrolment rates (SERs) — may capture bothstock andaccumulation effects, butchanges in SERs can provide useful additional dynamic information on the contribution of human capital to growth. Empirical evidence from samples of developed and less developed countries during 1960–85 suggests important growth effects associated both with initial levels of, and changes in, SERs. The nature of these effects appears to differ between the two country groups.I am grateful to an anonymous referee and to Subrata Ghatak for helpful comments on an earlier draft of this paper, and to Massimo Suardi for research assistance |
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