Research Catalog

Title

Does Human Capital Matter for Growth in OECD Countries? [electronic resource]: Evidence from Pooled Mean-Group Estimates / Andrea Bassanini and Stefano Scarpetta

Author

Bassanini, Andrea.

Publication

Paris : OECD Publishing, 2001.

Details

Additional Authors

Scarpetta, Stefano.

Description

31 p.; 21 x 29.7cm.

Summary

This paper presents empirical estimates of human-capital augmented growth equations for a panel of 21 OECD countries over the period 1971-98. It uses an improved dataset on human capital and a novel econometric technique that reconciles growth model assumptions with the needs of panel data regressions. Unlike several previous studies, our results point to a positive and significant impact of human capital accumulation to output per capita growth. The estimated long-run effect on output of one additional year of education (about 6 per cent) is also consistent with microeconomic evidence on the private returns to schooling. We also found a significant growth effect from the accumulation of physical capital and a speed of convergence to the steady state of around 15 per cent per year. Taken together these results are not consistent with the human capital augmented version of the Solow model, but rather they support an endogenous growth model à la Uzawa-Lucas, with constant returns to ...

Series Statement

OECD Economics Department Working Papers, 1815-1973 ; no.282

Uniform Title

OECD Economics Department Working Papers, no.282.

Subject

Economics

LCCN

10.1787/424300244276

OCLC

oecd-lib-004938

Author

Bassanini, Andrea.

Title

Does Human Capital Matter for Growth in OECD Countries? [electronic resource]: Evidence from Pooled Mean-Group Estimates / Andrea Bassanini and Stefano Scarpetta

Imprint

Paris : OECD Publishing, 2001.

Series

OECD Economics Department Working Papers, 1815-1973 ; no.282

OECD Economics Department Working Papers, 1815-1973 ; no.282.

Connect to:

http://dx.doi.org/10.1787/424300244276

Indexed Term

Economics

Added Author

Scarpetta, Stefano.

Other Standard Identifier

10.1787/424300244276 doi