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Economic development and the return to human capital: a smooth coefficient semiparametric approach

โœ Scribed by Theofanis P. Mamuneas; Andreas Savvides; Thanasis Stengos


Publisher
John Wiley and Sons
Year
2006
Tongue
English
Weight
207 KB
Volume
21
Category
Article
ISSN
0883-7252

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โœฆ Synopsis


Abstract

This paper investigates the impact of human capital on the process of economic growth by allowing the contribution of traditional inputs (capital and labour) as well as that of human capital to vary both across countries and time. The former is accomplished by constructing an index of TFP growth for traditional inputs, while the latter through semiparametric methods. We derive estimates of the output elasticity and social return to human capital for 51 countries at various stages of economic development. Copyright ยฉ 2005 John Wiley & Sons, Ltd.