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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 ...
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 ...
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 ...
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 ...
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 ...