Introduction to Human Capital and Economic Growth
Introduction to Human Capital and Economic Growth
This chapter introduces the themes of the book, providing an overview of the main theories linking human capital accumulation and economic growth. Investment in physical capital, or capital fundamentalism, came to be widely accepted as the predominant theory of economic growth. This chapter also cites a few of the models included in the main discussion. The Mankiw–Romer–Weil model treats human capital as an input into an aggregate production function that assumes decreasing returns to the reproducible factors of production. Benhabib and Spiegel's approach follows on the traditional growth accounting methodology according to which the growth of output is determined by the accumulation of inputs and total factor productivity (TFP) growth. At the empirical level, these models identify a nation's level of human capital with the quantity of education possessed by each adult member of the nation's population.
Keywords: human capital accumulation, economic growth, TFP growth, Mankiw–Romer–Weil model
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