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Hierarchical Human Capital and Economic Growth: Theory and Evidence

Robert Driskill, Andrew W. Horowitz and Fabio Mendez ()

Journal of Institutional and Theoretical Economics (JITE), 2009, vol. 165, issue 4, 723-743

Abstract: We embed an N-level human-capital hierarchy in a growth model and demonstrate that the hierarchical structure generates an optimal investment program with phases of stock depletion and expansion in the stocks of the various levels of humancapital. We then take the implications of the model to data from a diverse sample of countries and find patterns of stock expansion and contraction consistent with the theoretical model. We also illustrate how allowing for hierarchical human-capital formation might contribute to the empirical growth literature.

JEL-codes: O1 O15 O4 O21 (search for similar items in EconPapers)
Date: 2009
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