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Including human-capital accumulation lowers the esti- mated effects of saving and population growth to roughly the values predicted by the augmented Solow model.
16 de jul. de 2012 · This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data.
Although Mankiw et al. (1992) develop a human-capital-aug-mented Solow model, they assume that economic agents accumulate human and physical capital independently of the other factor's rate of return. However, estimates of the rate of return to schooling (human capital) tend to be similar to estimates of the rate of return to physical
This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data.
1 de feb. de 2002 · We estimated a standard growth equation corresponding to the human-capital augmented model (e.g., Mankiw et al., 1992) on the basis of pooled cross-country time series data.
with the influential work of Mankiw et al. (1992), proved quite successful in establishing a robust link between enrollment rates (the proportion of adults enrolled in secondary education) and growth of per capita GDP.
1 de ene. de 1992 · adding human-capital accumulation to the Solow growth model. Including human capital can potentially alter either the theoretical modeling or the empirical analysis of economic growth.
