Now showing items 1-10 of 10
The role of cognitive skills in economic development revisited.
Students’ test scores at ages 9 to 15 are a measure of their skills as workers five to 55 years later. Using historic data on test scores and school attendance, I calculate the share of workers in 2005 that could have ...
Does investment in schooling raise national income? Evidence from cross-country studies
The economics literature identifies three effects of schooling on national income; the direct effect on the earnings of the workers who receive the schooling and the external effects on workers’ earnings and on physical ...
Were Mankiw, Romer, and Weil Right? A reconciliation of the Micro and Macro Effects of Schooling on Income.
The marginal product of human capital in Mankiw, Romer, and Weil’s  augmented Solow model measures the direct and two external effects of human capital created from schooling on national income. If this model is ...
Cognitive Skills, Schooling Attainment, and Schooling Resources: What Drives Economic Growth?
This paper presents evidence that students’ test scores at ages 9 to 15 are not a good proxy for a nation’s stock of human capital. Across countries test scores rise with increases in human capital up to $40,000/adult ...
Schooling and Economic Growth: What Have We Learned?
(Universidad EAFIT, 2014-04-07)
This paper explains why different studies present widely-varying estimates of the effect of increased schooling on national income. It shows that when correctly-interpreted, these studies support the hypothesis that a ...
A Human Capital Theory of Growth: New Evidence for an Old Idea
(Universidad EAFIT, 2014-01-01)
In 1960 Theodore Schultz expounded a human capital theory of economic growth that includes three elements: 1) Countries without much human capital cannot manage physical capital effectively, 2) Economic growth can only ...
The Quality vs. the Quantity of Schooling: What Drives Economic Growth?
(Universidad EAFIT, 2011-01-19)
This paper challenges Hanushek and Woessmann’s  contention that the quality and not the quantity of schooling determines a nation’s rate of economic growth. I first show that their statistical analysis is flawed. I ...
Human capital and growth in japan since 1970: converging to the steady state in a 1% world.
Annual growth in GDP/adult in Japan has declined from over 10% in 1969 to an average of 1% since the financial crisis in 1991. I show that a dynamic Solow growth model, augmented with human capital, weekly labor-hours, ...
Schooling and National Income: How Large Are the Externalities? Revised Estimates
This article presents revised estimates of the external rates of return on investment in schooling provided in “Schooling and National Income: How Large Are the Externalities?” The analysis is based on data for the same ...
Does Investment in Schooling Raise National Income? Evidence from Cross-Country Studies
(Universidad EAFIT, 10/04/2011)