The role of human capital in economic development evidence from aggregate cross-country data

Jess Benhabib, Mark M. Spiegel

    Research output: Contribution to journalArticlepeer-review

    Abstract

    Using cross-country estimates of physical and human capital stocks, we run the growth accounting regressions implied by a Cobb-Douglas aggregate production function. Our results indicate that human capital enters insignificantly in explaining per capita growth rates. We next specify an alternative model in which the growth rate of total factor productivity depends on a nation's human capital stock level. Tests of this specification do indicate a positive role for human capital.

    Original languageEnglish (US)
    Pages (from-to)143-173
    Number of pages31
    JournalJournal of Monetary Economics
    Volume34
    Issue number2
    DOIs
    StatePublished - Oct 1994

    Keywords

    • Growth
    • Human capital

    ASJC Scopus subject areas

    • Finance
    • Economics and Econometrics

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