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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, ...
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. ...
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 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 ...
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 ...