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Schooling Data,TechnologicalDiffusion, and theNeoclassical Model Angel de La FuenteRafael Doménech2001 год

Schooling Data, Technological Diffusion, and the Neoclassical Model
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Аннотация: Growth economists have spent more than forty years slowing chipping away at the Solow residual, largely by attributing increasingly larger chunks of it to investment in human capital.A few years ago we were reasonably certain that this was the way to go.But an increasing number of studies seem to be telling us that the effect of schooling variables on productivity vanishes when we turn to what seem to be the appropriate econometric techniques for the purpose of estimating growth equations.Should we take these results at face value?Before we do so and abandon the only workable models we have, it seems sensible to search for ways to reconcile recent empirical findings with some kind of plausible theory.In this paper we argue that we can make a fair amount of progress in this direction by combining two ingredients: better data on human capital, and a further extension of the human capital-augmented neoclassical model that allows for cross-country productivity differentials and for technological diffusion. I. Some New DataPoor data quality is widely recognized as a prime suspect for the counterintuitive results on human capital and growth found in some recent studies.If human capital stocks have been measured with error (and we have every reason to believe this is the case), their first differences will be even less accurate than their levels, a fact that will bias the relevant coefficients towards zero in many sensible specifications.To assess the importance of the problem, we have constructed new educational attainment series for a sample of 21 OECD countries covering the period 1960-90 and checked their performance against some previously available data sets in a
Год издания: 2001
Авторы: Angel de La Fuente, Rafael Doménech
Издательство: American Economic Association
Источник: American Economic Review
Ключевые слова: Economic Growth and Productivity, Intergenerational and Educational Inequality Studies
Другие ссылки: American Economic Review (HTML)
DIGITAL.CSIC (Spanish National Research Council (CSIC)) (PDF)
DIGITAL.CSIC (Spanish National Research Council (CSIC)) (HTML)