The acquisition of human capital and economic growth: an international survey

• Autores: Christopher E.S. Warburton
• Localización: Applied econometrics and international development, ISSN 1578-4487, Vol. 20, Nº. 2, 2020, págs. 5-18
• Idioma: inglés
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• Resumen

  • This paper analyzes the evolution and challenges of acquiring human capital in the US. It revisits the omitted variable bias in formal and informal pedagogical evaluations and underscores the importance of public investment in human capital. The paper subsequently evaluates the importance of human capital by alluding to exogenous and endogenous growth models. Using time series data from 1990 to 2017 to evaluate the contributions of human capital to macroeconomic growth, empirical findings suggest that exogenous growth theory, more than endogenous growth theory, can still be applied to some countries of the world, where the residual-to-investment ratio is exceedingly high