Education, Participation, and the Revival of U.S. Economic Growth

Dale Jorgenson, Mun Ho and Jon D. Samuels

No 22453, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Labor quality growth captures the upgrading of the labor force through higher educational attainment and greater experience. We find that average levels of educational attainment of new entrants remain high, but will no longer continue to rise. Growing educational attainment will gradually disappear as a source of U.S. economic growth. We find that the investment boom of 1995-2000 drew many younger and less-educated workers into employment. Employment rates for these workers declined during the recovery of 2000-2007 and dropped further during the Great Recession of 2007-2009. Based on estimates of labor quality growth, growth in total factor productivity, and growth in capital quality, we project labor productivity to grow at 1.3% per year. This implies a GDP growth rate of 1.8%.

JEL-codes: E01 E24 O4 O47 (search for similar items in EconPapers)
Date: 2016-07
New Economics Papers: this item is included in nep-edu, nep-lma, nep-mac and nep-tid
Note: EFG
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Citations: View citations in EconPapers (4)

Published as Educational Attainment and the Revival of US Economic Growth , Dale W. Jorgenson, Mun S. Ho, Jon D. Samuels. in Education, Skills, and Technical Change: Implications for Future US GDP Growth , Hulten and Ramey. 2019

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