A New Index of Human Capital to Predict Economic Growth

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Tác giả: Juan C Correa, Klaus Jaffe, Henry Laverde

Ngôn ngữ: eng

Ký hiệu phân loại: 338.9 Economic development and growth

Thông tin xuất bản: 2018

Mô tả vật lý:

Bộ sưu tập: Báo, Tạp chí

ID: 162077

Comment: 18 pages, 12 tablesThe accumulation of knowledge required to produce economic value is a process that often relates to nations economic growth. Such a relationship, however, is misleading when the proxy of such accumulation is the average years of education. In this paper, we show that the predictive power of this proxy started to dwindle in 1990 when nations schooling began to homogenized. We propose a metric of human capital that is less sensitive than average years of education and remains as a significant predictor of economic growth when tested with both cross-section data and panel data. We argue that future research on economic growth will discard educational variables based on quantity as predictor given the thresholds that these variables are reaching.
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