Now showing items 1-10 of 34
Evidence that Capital Formation is Over-Estimated in ICP 2011
(Universidad EAFIT, 2015-07-22)
Using the ICP 2011’s cross-country data on input prices and project cost shares, I show that the construction prices in ICP 2011 are substantially underestimated in low and middle income countries. As a consequence, the ...
Does Investment in Schooling Raise National Income? Evidence from Cross-Country Studies
(Universidad EAFIT, 2011)
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 ...
The Quality vs. the Quantity of Schooling: What Drives Economic Growth?
This paper challenges Hanushek and Woessmann's (2008) 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 ...
Schooling and National Income: How Large Are the Externalities?
This paper uses a new data‐set for cumulative national investment in formal schooling and a new instrument for schooling to estimate the national return on investment in 61 countries. These estimates are combined with data ...
Were Mankiw, Romer, and Weil right? A reconciliation of the micro and macro effects of schooling on income.
(Cambridge University, 2013-07)
In Mankiw, Romer, and Weil's augmented Solow model [Quarterly Journal of Economics 107 (2) 407–437 (1992)], the marginal product of human capital accrues to three factors of production: directly to human capital, and as ...
The role of education in economic growth: theory, history and current returns
(Taylor & Francis Group, 2013)
The paper examines the role of education in economic growth from a theoretical and historic perspective, addresses why education has been the limiting factor determining growth, discusses why certain countries have provided ...
World total factor productivity growth and the steady-state rate in the 20th century
I estimate a Solow model augmented with human capital in 42 countries for 1910–2000. Estimated TFP growth is 0.3%/year, and the steady-state rate for GDP/capita is 1.0%/year. Implicitly for high-income countries maintaining ...
Penn World Table 7.0: Are the data flawed?
PWT 7.0 data deviate substantially from PWT 6.3 data because the benchmarked prices for 1970 to 1996 used in PWT 6.3 were entirely discarded. PWT 7.0 data are unreliable and appear to be much less accurate than PWT 6.3 data.
Can Institutions or Education Explain World Poverty? An Augmented Solow Model Provides Some Insights
When the Solow model is augmented with variables for institutions and human capital and estimated with national data for rates of investment in education, it can explain most of the variation in cross-country standards of ...