Human Capital's Contribution to Japan's Lost Decades

Theodore Breton ()

No 10570, Documentos de Trabajo de Valor Público from Universidad EAFIT

Abstract: I use a dynamic Solow growth model, augmented with human capital, labor-hours, and oil prices, to show that Japan’s growth in GDP/adult over 1969-2007 can be explained as a process of convergence to a world steady-state rate of 1%/year. I find that each additional year of average schooling attainment during this period raised GDP/adult in Japan by 20 percent, which raised the annual growth rate by 1.8% in 1969, but by only 0.6% in 2007. I also show that redirecting national investment from physical capital to post-secondary schooling would be a cost-effective strategy to raise growth rates.

Keywords: Japan; Human Capital; Schooling; Productivity; Economic Growth; Convergence (search for similar items in EconPapers)
JEL-codes: I25 O41 O53 (search for similar items in EconPapers)
Pages: 35
Date: 2013-10-02
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