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Human Capital and Economic Growth: Cross‐Section Evidence for OECD Countries
Author(s) -
Engelbrecht HansJürgen
Publication year - 2003
Publication title -
economic record
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.365
H-Index - 42
eISSN - 1475-4932
pISSN - 0013-0249
DOI - 10.1111/1475-4932.00090
Subject(s) - human capital , economics , econometrics , outlier , quality (philosophy) , section (typography) , sample (material) , component (thermodynamics) , public economics , macroeconomics , economic growth , computer science , mathematics , statistics , philosophy , chemistry , physics , epistemology , chromatography , thermodynamics , operating system
This paper explores the applicability of the Nelson‐Phelps approach to the modelling of human capital in economic growth for the sample of OECD countries. A case is made for confining the approach to the technology diffusion component and for combining it with the Lucas approach. For such a hybrid model, both the favoured interpretation of the Nelson‐Phelps approach, as well as the Lucas approach, are supported by the evidence. The sensitivity of the findings is assessed with regard to the use of alternative human capital data sets, including quality (adjusted) measures, and with regard to data outliers.