Skip to main content
×
Home
    • Aa
    • Aa
  • Get access
    Check if you have access via personal or institutional login
  • Cited by 7
  • Cited by
    This article has been cited by the following publications. This list is generated based on data provided by CrossRef.

    Prettner, Klaus and Strulik, Holger 2016. TECHNOLOGY, TRADE, AND GROWTH: THE ROLE OF EDUCATION. Macroeconomic Dynamics, Vol. 20, Issue. 05, p. 1381.


    Breton, Theodore R. 2015. Human capital and growth in Japan: Converging to the steady state in a 1% world. Journal of the Japanese and International Economies, Vol. 36, p. 73.


    Gottlieb, Daniel 2015. The multidimensional adequacy of social insurance benefits and insurability. International Social Security Review, Vol. 68, Issue. 3, p. 69.


    Sunde, Uwe and Vischer, Thomas 2015. Human Capital and Growth: Specification Matters. Economica, Vol. 82, Issue. 326, p. 368.


    Breton, Theodore R. 2013. The role of education in economic growth: theory, history and current returns. Educational Research, Vol. 55, Issue. 2, p. 121.


    Breton, Theodore R. 2013. World total factor productivity growth and the steady-state rate in the 20th century. Economics Letters, Vol. 119, Issue. 3, p. 340.


    Hansen, Casper Worm 2013. Health and Development: A Neoclassical Perspective. Journal of Human Capital, Vol. 7, Issue. 3, p. 274.


    ×

WERE MANKIW, ROMER, AND WEIL RIGHT? A RECONCILIATION OF THE MICRO AND MACRO EFFECTS OF SCHOOLING ON INCOME

  • Theodore R. Breton (a1)
  • DOI: http://dx.doi.org/10.1017/S1365100511000824
  • Published online: 19 March 2012
Abstract

In Mankiw, Romer, and Weil's augmented Solow model [Quarterly Journal of Economics 107 (2) 407–437 (1992)], the marginal product of human capital accrues to three factors of production: directly to human capital, and as an external effect to physical capital and labor. This paper estimates national stocks of human capital in 1990 created from prior investment in schooling and shows that for 36 countries the (macro) marginal product of human capital accruing to workers in 1990 is consistent with estimates of the (micro) marginal return on investment in schooling in workers' earnings studies. This reconciliation provides empirical evidence for the augmented Solow model.

Copyright
Corresponding author
Address correspondence to: Theodore R. Breton, Calle 32 # 77A-20, Medellin, Colombia; e-mail: tbreton@eafit.edu.co.
Linked references
Hide All

This list contains references from the content that can be linked to their source. For a full set of references and notes please see the PDF or HTML where available.

Daron Acemoglu and Simon Johnson (2007) Disease and development: The effect of life expectancy on economic growth. Journal of Political Economy 115 (6), 925985.

Sascha O. Becker and Ludger Wössmann (2009) Was Weber wrong? A human capital theory of Protestant economic history. Quarterly Journal of Economics 124 (2), 531596.

Theodore R. Breton (2010) Schooling and national income: How large are the externalities? Education Economics 18 (1), 6792.

Giorgio Brunello and Raffaele Miniaci (1999) The economic returns to schooling for Italian men: An evaluation based on instrumental variables. Labour Economics 6, 509519.

Francesco Caselli and James Feyrer (2007) The marginal product of capital. Quarterly Journal of Economics 122 (2), 535568.

Wei Chi (2008) The role of human capital in China's economic development: Review and new evidence. China Economic Review 19, 421436.

Daniel Cohen and Marcelo Soto (2007) Growth and human capital: Good data, good results. Journal of Economic Growth 12 (1), 5176.

Elchanan Cohn and John T. Addison (1998) The economic returns to lifelong learning in OECD countries. Education Economics 6 (3), 253306.

John E. Craig (1981) The expansion of education. Review of Research in Education 9, 151213.

Belton Fleisher , Haizheng Li, and Min Qiang Zhao (2010) Human capital, economic growth, and regional inequality in China. Journal of Development Economics 92, 215231.

Luisa Gomez-Castellanos and George Psacharopoulos (1990) Earnings and education in Ecuador: Evidence from the 1987 household survey. Economics of Education Review 9 (3), 219227.

Robert E. Hall and Charles I. Jones (1999) Why do some countries produce so much more output per worker than others? Quarterly Journal of Economics 114 (1), 83116.

Shaikh I. Hossain and George Psacharopoulos (1994) The profitability of school investments in an educationally advanced developing country. International Journal of Educational Development 14 (1), 3542.

Peter J. Klenow and Andres Rodriguez-Clare (1997) The neoclassical revival in growth economics: Has it gone too far? In Ben S. Bernanke and Julio Rotemberg (eds.), NBER Macroeconomics Annual 1997, vol. 12, pp. 73103. Cambridge, MA: MIT Press.

Jong-Wha Lee and Robert J. Barro (2001) Schooling quality in a cross-section of countries. Economica, 68, 465488.

Zhiqiang Liu (2007) The external returns to education: Evidence from Chinese cities. Journal of Urban Economics 61 (3), 542564.

Enrique Lopez-Bazo and Rosina Moreno (2008) Does human capital stimulate investment in physical capital? Evidence from a cost system framework. Economic Modelling 25, 12951305.

N. Mankiw David Romer Gregory , and David Weil (1992) A contribution to the empirics of economic growth. Quarterly Journal of Economics 107 (2), 407437.

Paolo Mauro (1995) Corruption and growth. Quarterly Journal of Economics 110 (3), 681712.

Richard L. Means (1966) Protestantism and economic institutions: Auxiliary theories to Weber's Protestant ethic. Social Forces 44 (3), 372381.

Enrico Moretti (2004) Estimating the social return to higher education: Evidence from longitudinal and repeated cross-sectional data. Journal of Econometrics 121, 175212.

George Psacharopoulos and Harry Patrinos (2004) Returns to investment in education: A further update. Education Economics 12 (2), 111134.

George Psacharopoulos and Eduardo Velez (1994) Education and the labor market in Uruguay. Economics of Education Review 13 (1), 1927.

George Psacharopoulos , Eduardo Velez, and Harry Anthony Patrinos (1994) Education and earnings in Paraguay. Economics of Education Review 13 (4), 321327.

Xavier Sala-i-Martin , Gernot Doppelhofer, and Ronald I. Miller (2004) Determinants of long-term growth: A Bayesian averaging of classical estimates (BACE) approach. American Economic Review 94 (4), 813835.

Yasemin Nuhoglu Soysal , and David Strang (1989) Construction of the first mass education systems in nineteenth-century Europe. Sociology of Education 62 (4), 277288.

Jandhyala B. G. Tilak (1988) Costs of education in India. International Journal of Educational Development 8 (1), 2542.

Recommend this journal

Email your librarian or administrator to recommend adding this journal to your organisation's collection.

Macroeconomic Dynamics
  • ISSN: 1365-1005
  • EISSN: 1469-8056
  • URL: /core/journals/macroeconomic-dynamics
Please enter your name
Please enter a valid email address
Who would you like to send this to? *
×

Keywords: