Human Capital and the Ambiguity of the Mankiw-Romer-Weil Model

Terence Edwards

Discussion Paper Series from Department of Economics, Loughborough University

Abstract: Mankiw, Romer and Weil's (1992) finding of a cross-country relationship between savings rates, school enrolment and income levels is highly ambiguous. Their in- terpretation that it is consistent with an augmented Solow model depends on the implausible assumption that educational productivity is vastly higher in advanced countries than poor ones. On the alternative assumption of constant educational productivity, their model is very close to an AK-type, but with rising educational costs producing a degree of conditional convergence.

Keywords: Growth; human capital; endogenous growth. (search for similar items in EconPapers)
JEL-codes: O11 O41 (search for similar items in EconPapers)
Date: 2004-12, Revised 2004-12
New Economics Papers: this item is included in nep-edu
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