Were Mankiw, Romer, and Weil Right? A reconciliation of the Micro and Macro Effects of Schooling on Income

Theodore Breton ()

No 10601, Documentos de Trabajo de Valor Público from Universidad EAFIT

Abstract: The marginal product of human capital in Mankiw, Romer, and Weil´s [1992] augmented Solow model measures the direct and two external effects of human capital created from schooling on national income. If this model is valid, its estimates of the share of this marginal product accruing to workers should be consistent with estimates of the marginal return on investment in schooling in workers´ earnings´ studies. This paper uses a new set of data for the net human capital stock to show that in 1990 the micro and macro rates are consistent across 36 countries.

Keywords: Human Capital; Education; Schooling; Neoclassical Model; Economic Growth (search for similar items in EconPapers)
JEL-codes: E13 I21 O11 O15 O41 (search for similar items in EconPapers)
Pages: 50
Date: 2011-10-02
References: Add references at CitEc
Citations: View citations in EconPapers (3)

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Related works:
Journal Article: WERE MANKIW, ROMER, AND WEIL RIGHT? A RECONCILIATION OF THE MICRO AND MACRO EFFECTS OF SCHOOLING ON INCOME (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:col:000122:010601

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