Human Capital and Macroeconomic Growth: Austria and Germany 1960-1997 - An Update

Reinhard Koman and Dalia Marin
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Reinhard Koman: Institute for Advanced Studies, Vienna

No 69, Economics Series from Institute for Advanced Studies

Abstract: In an influential paper Mankiw, Romer, and Weil (1992) argue that the evidence on the international disparity in per-capita income levels and growth rates is consistent with a standard Solow model, once it has been augmented to include human capital as an accumulable factor. In a study on Austria and Germany we augment the Solow model to allow for the accumulation of human capital. Based on a perpetual inventory procedure we construct measures of human capital stocks. We find that the time series evidence on Austria and Germany is not consistent with a human-capital-augmented Solow model. Factor accumulation appears to be less (and not more) able to account for the cross-country growth performance of Austria and Germany when human capital accumulation is included. Our results indicate that differences in technology are a driving factor in understanding cross-country growth between these two neighboring countries with similar political and institutional background.

Keywords: Economic Growth; Total Factor Productivity; Human Capital; Technical Change; Growth Accounting (search for similar items in EconPapers)
JEL-codes: O1 O3 O4 (search for similar items in EconPapers)
Pages: 25 pages
Date: 1999-09
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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https://irihs.ihs.ac.at/id/eprint/1190 First version, 1999 (application/pdf)

Related works:
Working Paper: Human Capital and Macroeconomic Growth: Austria and Germany 1960-1997. An Update (2005)
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