Now showing items 21-30 of 34
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 ...
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 ...
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 ...
Development Accounting: Conceptually Flawed and Inconsistent with Empirical Evidence
(Universidad EAFIT, 2014-08-20)
Development accounting depends on two simplifying assumptions, that economies can be represented by a common aggregate production function and that aggregate factors of production are paid their social marginal products. ...
Evidence that class size matters in 4th grade mathematics an analysis of TIMSS 2007 data for Colombia.
Like students in most developing countries, Colombian students in 4th grade performed poorly in the TIMSS 2007 test of mathematics skills, achieving an average score of 355 relative to an international mean of 500. After ...
The External Effect of Urban Schooling Attainment on Workers’ Incomes in Ecuador
(Universidad EAFIT, 2014-12-02)
We estimate the direct and external effects of levels of schooling on personal income in Ecuador in 2011, using data for 69,653 individuals in 567 municipalities. Using a Mincerian model that includes municipal levels of ...
Penn world table 7.0: are the data flawed?
Penn World Table (PWT) 7.0 is the newest PWT data set, based in part on benchmarked prices collected in 2005. In theory the data in PWT 7.0 should be more accurate than the data in PWT 6.3 since 1996 and similar in earlier ...
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, ...
ICP 2005 Construction Prices: Underestimated in Developing Countries?
(Universidad EAFIT, 2013-04-10)
Changes in the Effect of Capital and TFP on Output in Penn World Tables 7 and 8: Improvement or Error?
(Universidad EAFIT, 2015-01-19)
Lower ICP 2005 construction prices in developing countries increase the effect of capital on output in PWT 7.1 and 8.0 and cause negative world TFP growth during 1990-2010 in PWT 8.0. The investment data appear to be more ...