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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, ...
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 ...
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 ...