Human Capital and Economic Growth

Human Capital and Economic Growth

Human Capital and Economic Growth

Human Capital and Economic Growth

Synopsis

This book provides an in-depth investigation of the link between human capital and economic growth. The authors take an innovative approach, examining the determinants of economic growth through a historical overview of the concept of human capital.

The text fosters a deep understanding of the connection between human capital and economic growth through the exploration of different theoretical approaches, a review of the literature, and the application of nonlinear estimation techniques to a comprehensive data set. The authors discuss nonparametric econometric techniques and their application to estimating nonlinearities- which has emerged as one of the most salient features of empirical work in modeling the human capital-growth relationship, and the process of economic growth in general.

By delving into the topic from theoretical and empirical standpoints, this book offers an insightful new view that will be extremely useful for scholars, students, and policy makers.

Excerpt

This book offers a selective treatment of growth theory as it applies to the link between human capital accumulation and long-run economic growth. While the existing theoretical and empirical literature has highlighted a number of economic/political/social determinants of the long-run rate of economic growth, we have chosen to focus on a single determinant, human capital, for two main reasons. First, a number of excellent general books on the theory and empirics of economic growth exist in the literature. Treatments of individual facets of the process of economic growth are quite rare. Human capital is a complex term that eschews a simple definition and measurement and is a concept that has been investigated from a variety of perspectives by social scientists. Our intention is not to review the diversity of approaches but to concentrate exclusively on the nexus between human capital and economic growth across a large cross section of countries at various stages of economic development. In this respect in empirical applications we utilize the most frequent measure of human capital in cross-country growth research, namely the quantity of formal education each adult member of a society possesses. Second, there is intuitive appeal to the proposition that human capital accumulation (frequently associated with increasing levels of education) ought to make a country richer in the long run. Such a proposition has obvious policy implications. Despite the elegant appeal of this proposition, theoretical and empirical verification has been difficult to establish. We review the main theories linking human capital accumulation and economic growth . . .

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