Alternative specifications of human capital in production functions

Luis Orea and Antonio Alvarez

Economics and Business Letters, 2022, vol. 11, issue 4, 172-179

Abstract: In this paper we argue that some empirical specifications may not be appropriate to estimate accurately the returns to human capital. In particular, we show that the inclusion in aggregate production functions of the ratio of skilled labor force over total labor force as a proxy for human capital may not be a good way to control for the heterogeneity of labor.

Date: 2022
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