This paper considers three models on the role of education in economic growth: human capital theory, a threshold effect, and interaction effects between education and both R and D and investment. The sample consists of twenty-four OECD countries over the 1950-1990 period. Five measures of education are used. The descriptive statistics show convergence in both labor productivity levels and schooling levels among these nations. However, regressions of labor productivity growth on education provide mixed results on the threshold effect and the interaction effects. Almost no support is provided for the human capital model.
ASJC Scopus subject areas
- Economics and Econometrics