A note on human capital externalities, factor substitution, and technology differences
Erich Gundlach () and
Rasmus ThÃ¶nnessen ()
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Rasmus ThÃ¶nnessen: Hamburg University
Economics Bulletin, 2015, vol. 35, issue 3, 1681-1686
Estimates of human capital externalities that are based on the Mincerian approach have been found to be biased in the presence of limited possibilities for factor substitution. Technology differences may be more important for the Mincerian bias than limited possibilities for factor substitution.
Keywords: Mincerian bias; Rybczynski theorem; factor substitution; technology differences (search for similar items in EconPapers)
JEL-codes: J2 O4 (search for similar items in EconPapers)
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