The Growth Effects of Education in Australia

Antonio Paradiso (), Saten Kumar () and B. Rao
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Saten Kumar: Department of Economics, Auckland University of Technology, Auckland, New Zealand.

No 2011-05, Working Papers from Auckland University of Technology, Department of Economics

Abstract: In this paper we estimate the growth effects of human capital with country-specific time series data for Australia. Previous empirical studies, based on international data, have been inconclusive, in terms of the extent of the contribution of human capital to growth. We extend the Solow (1956) growth model by using educational attainment as a measure of human capital, as developed by Barro and Lee (2010). The extended Solow (1956) model performs well after allowing for the presence of structural changes. Our results, based on alternative time series methods, show that educational attainment has a small and significant permanent effect on the growth rate of per worker output in Australia. Alternative measures of human capital are also utilized to ensure robustness of results.

Keywords: Steady State Growth Rates; Economic Growth; Education; Australia (search for similar items in EconPapers)
JEL-codes: C22 O40 O56 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2011-12
New Economics Papers: this item is included in nep-edu, nep-fdg and nep-hrm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Working Paper: The growth effects of education in Australia (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:aut:wpaper:201105

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