The human capital stock: a generalized approach: comment

Francesco Caselli and Antonio Ciccone

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: Jones (2014) examines development accounting with imperfect substitutability between different types of skills in the production of output. He finds that human capital variation can account for the totality of the variation in income across countries. We show that this finding is entirely due to an assumption that the relative wage of skilled workers is solely determined by attributes of workers (once the supply of skilled workers is accounted for). If skill premia are predominantly determined by technology, institutions, and other features of the economic environment, human capital differences explain none of the variation in income per worker.

JEL-codes: E24 J24 J31 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2019-03-01
New Economics Papers: this item is included in nep-hrm, nep-lma and nep-mac
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Citations: View citations in EconPapers (14)

Published in American Economic Review, 1, March, 2019, 109(3), pp. 1155-1174. ISSN: 0002-8282

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http://eprints.lse.ac.uk/100254/ Open access version. (application/pdf)

Related works:
Journal Article: The Human Capital Stock: A Generalized Approach: Comment (2019)
Working Paper: The Human Capital Stock: A Generalized Approach Comment (2017)
Working Paper: The Human Capital Stock: A Generalized Approach. Comment (2017)
Working Paper: The human capital stock: a generalized approach comment (2017)
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