The accumulation of human capital: alternative methods and why they matter

Murat Iyigun and Ann Owen

No 551, International Finance Discussion Papers from Board of Governors of the Federal Reserve System (U.S.)

Abstract: We show how the ability to accumulate human capital through formal education and through a learning-by-doing process that occurs on the job affects the dynamic behavior of the human capital stock under a liquidity-constrained and a non-constrained case. When there are alternatives to formal schooling in the accumulation of human capital, investing resources in increasing school enrollment rates in low-income countries may not be the most efficient means of increasing the human capital stock. In addition, removal of liquidity constraints may not be sufficient to escape a development trap.

Keywords: Human; capital (search for similar items in EconPapers)
Date: 1996
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