Capital accumulation and growth in Hungary, 1924–2006

Bas van Leeuwen and Péter Földvári

Acta Oeconomica, 2011, vol. 61, issue 2, 143-164

Abstract: The objective of this paper is to analyse the role of both human and physical capital in economic growth in Hungary during the 20th century by extending the already available data on physical and human capital. Besides the standard measure for the volume of human capital, we develop a simple method to estimate the value of the human capital stock in Hungary between 1924 and 2006. While the volume index slowly grows over time, the value of human capital shows a decline during the late socialist period. Applying the value of human capital in a growth accounting analysis, we find that the Solow residual has no long-run effect on economic growth anymore.

Keywords: physical capital; human capital; economic growth; Hungary (search for similar items in EconPapers)
JEL-codes: E22 E24 O47 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (4)

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