Further Testing of The Human-Capital Augmented Solow Model

Pasi Ikonen

No 189, Discussion Papers from VATT Institute for Economic Research

Abstract: This paper examines further the human-capital augmented Solow growth model, that is, it continues the work of Mankiw, Romer and Weil (1992) and Islam (1995). A panel-data approach with yearly observations is adopted. The main contribution is letting technological progress vary across countries. Additionally, different measures of human capital are used. The paper concludes that letting the technological progress vary does not eliminate the inconsistencies between the human-capital augmented Solow growth model and reality. In the growth equation the sign of the coefficient for every human capital variable is found to be positive and the variable statistically very significant. However, the conclusions related to this fact are only suggestive.

Keywords: Human-capital augmented Solow growth model; Human capital; Technological progress; Neoclassical growth theory; Economic growth; Taloudellinen kasvu; Taxation and Social Transfers; Julkisen talouden rahoitus ja tulonsiirrot; C100 - Econometric and Statistical Methods: General; O100 - Economic Development: General; Z000 - Other Special Topics: General (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:fer:dpaper:189

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