Human Capital and Economic Growth: Linear Specifications
Human Capital and Economic Growth: Linear Specifications
This chapter provides a systematic empirical investigation of the human capital economic–growth nexus from a linear perspective. It uses the transition to the steady-state approach formalized by Mankiw, Romer, and Weil and the growth accounting methodology. The second section reviews the theoretical and parametric framework that characterizes the growth regression approach of Mankiw, Romer, and Weil (MRW). It also estimates the MRW specification with panel data and growth rates that are averaged across five-year periods. The third section estimates the growth accounting approach to human capital and growth.
Keywords: growth accounting methodology, growth regression, MRW, linear relationship
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