Capital Augmenting and Labor Augmenting Approach in Measuring Contribution of Human Capital and Education to Economic Growth

Milenko Popovic ()

Development and Comp Systems from EconWPA

Abstract: In this paper an effort has been made to unveil some hidden and implicit assumptions that has been used in different models dealing with analysis and measurement of contribution of human capital to economic growth. In order to do it we started from the general production function with heterogeneous labor input and general production function with heterogeneous human and physical capital. By introducing different assumptions regarding the partial elasticity of substitution between different factors of production we derived different models for human capital contribution. Apart from making hidden assumptions of existing models explicit we also derived several others models that can be used for the same purposes.

Keywords: Economic Growth; Growth Accounting; Human Capital; Capital of Education; Partial Elasticity of Sustitution (search for similar items in EconPapers)
JEL-codes: O P (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dev and nep-edu
Date: 2005-02-05
Note: Type of Document - pdf; pages: 39
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpdc:0502002

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