The Level and Growth Effects in the Empirics of Economic Growth : Some Results with Data from Guatemala
Mankiw et al. (1992) have extended the Solow (1956) model by augmenting the production function with human capital. Its empirical success is impressive and it showed a procedure to improve the explanatory power of the neoclassical growth model. This article suggests an empirical procedure to further extend the neoclassical growth model to distinguish between the growth and level effects of shift variables like the human capital. We use time-series data from Guatemala to show that while the growth effects of education are small, they are significant and dominate the level effects.
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| Main Authors: | , , |
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| Format: | Journal Article biblioteca |
| Language: | EN |
| Published: |
2010
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| Subjects: | Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital E240, Human Capital, Skills, Occupational Choice, Labor Productivity J240, Economic Development: Human Resources, Human Development, Income Distribution, Migration O150, Measurement of Economic Growth, Aggregate Productivity, Cross-Country Output Convergence O470, |
| Online Access: | http://hdl.handle.net/10986/4860 |
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